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Looking at Land |
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MY HUSBAND AND I ARE LOOKING AT 18 ACRES OF LAND FOR SALE. WHAT QUESTONS SHOULD WE ASK THE OWNER? MY SON IS WANTING TO PURCHASE A HOME TO PUT ON SOME OF THE LAND AND THE REST WILL BE USED FOR A MOTOCROSS TRACK. IT IS IN THE COUNTRY. ALSO, HOW WOULD WE GIVE OUR SON 2 ACRES IF WE GET A LOAN FOR THE LAND? |
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Make sure your purchase offer and contract are written in such a way that you won't have to go through with the purchase if it turns out you can't get the land approved for the uses you want. THat's the most important thing. You will probably want input from your own lawyer before you sign anything, and you may need a lawyer to get approval for the home, or for the track you plan.
You would need advance approval of your mortgage lender if you gave away part of the land. Perhaps at that point you could pay off that part of the loan. |
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Edith
Originally published on January 29, 2008 |
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