*Randy and Seller to agree to terms, conditions, and price.
Avoiding Problems with Rural Property Real Estate - Top 3 Things To Know
Randy Molnar
Wednesday, January 5, 2022
Considering the purchase or sale of a rural property? Here are the top 3 considerations to avoid potential problems in the future that you need to know.
1) The first to consider is the location. We want to explore the area to learn about what rules apply to the land usage and it's surrounding neighbours. What zoning applies? Do any conservation or environmental jurisdictions apply to the land that may affect use of the property? What surrounding businesses (ex. quarries) might create traffic congestion, generate noise, or unwanted use surrounding the property? What residential or commercial building usage plans are slated for the future? Are there preferential taxation rules that could apply? Do your research with local municipality taxation and planning departments, along with jurisdictional authorities to understand future land use.
2) The second consideration is water supply. Where is a water source located? Is it potable? What's the flow rate? What's the condition of the water pump system? Do you have adequate supply to meet future needs? It would be prudent to include a condition in the purchase agreement to satisfy requirements in safe, clean, flowing drinking water.
3) The third consideration is the septic system. What type of systems is installed? How old is the system? Is it performing properly? When was it last inspected and cleaned out? If you're adding more living space or renovating a home will it meet future requirements? Updated septic systems can be very expensive. Including the proper legal conditions in the purchase offer is crucial to protecting your future interests in the property.
To receive a full report of all pitfalls to avoid here is the full report. Click here - https://bit.ly/3F0oqB6
Randy Molnar
Keller Williams Real Estate Associates, Brokerage
416-903-9480 rmolnar@kw.com
1) The first to consider is the location. We want to explore the area to learn about what rules apply to the land usage and it's surrounding neighbours. What zoning applies? Do any conservation or environmental jurisdictions apply to the land that may affect use of the property? What surrounding businesses (ex. quarries) might create traffic congestion, generate noise, or unwanted use surrounding the property? What residential or commercial building usage plans are slated for the future? Are there preferential taxation rules that could apply? Do your research with local municipality taxation and planning departments, along with jurisdictional authorities to understand future land use.
2) The second consideration is water supply. Where is a water source located? Is it potable? What's the flow rate? What's the condition of the water pump system? Do you have adequate supply to meet future needs? It would be prudent to include a condition in the purchase agreement to satisfy requirements in safe, clean, flowing drinking water.
3) The third consideration is the septic system. What type of systems is installed? How old is the system? Is it performing properly? When was it last inspected and cleaned out? If you're adding more living space or renovating a home will it meet future requirements? Updated septic systems can be very expensive. Including the proper legal conditions in the purchase offer is crucial to protecting your future interests in the property.
To receive a full report of all pitfalls to avoid here is the full report. Click here - https://bit.ly/3F0oqB6
Randy Molnar
Keller Williams Real Estate Associates, Brokerage
416-903-9480 rmolnar@kw.com
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