1.26.21 – Top Ten Mistakes When Buying Land – The Legal Connection Show
We are going to cover the TOP ten mistakes when buying land:
Inadequate Due Diligence
Failing to Revise “form” TREC contracts – under TREC if a buyer defaults the seller can force the purchase and defining what default is
Failing to review and scrub title – review each title exception
Failing to obtain and review a title survey to the sovereign at the GLO
Accepting closing documents without a meaningful review
Failing to check the final title policy
Post Closing omissions – tax exemptions, roll backs
Ongoing ownership mistakes – utility companies pressuring you to sign the co-op standard form your neighbors are signing
Value enhancement opportunities
Not keeping current with laws
