Questions on buying land

scgargoyle · October 28, 2006, 01:50:39 PM

We're still trying to get closed on our property in SC, and a few delays have cropped up. One is that the land (7 acres) DOESN'T have a current survey, but shows up as 2 separate parcels. The question is: Who pays for the survey? The realtor originally said the buyer does, but since it is not a current, useable survey, I would think that it would be up to the seller. We're talking $1000 or more here, so I'm curious as to who picks up the tab. The closing won't be happening by the contract deadline, so we can always walk away if we want, but we do like the piece of land. I'm a little ticked that these delays have turned up at the 11th hour, since we could have been making more interest on our money.

Onthesauk · October 28, 2006, 02:33:47 PM

Here in the west, raw land is often bought, contingent upon the survey, paid for by the buyer. Don't think I'd buy land without one.

sprucebunny · October 28, 2006, 02:50:51 PM

Around here, a survey is not required. But I would not buy real estate without an insured, bonded, whatever=they=call=it TITLE search.

The deed description should match the maps that the town has and you should be familiar with the boundary. The town's maps will often show if the abutter's land has been surveyed.

metalspinner · October 28, 2006, 04:24:52 PM

My understanding is the person who is paying the surveyer gets more favorable results than the person not paying. :

srt · October 28, 2006, 05:37:59 PM

Here's my experience about buying/selling property. The contract used by local realtors has been provided by the county board of realtors. In the contract, it generally specifies who pays for what. HOWEVER, this is just a piece of paper written by realtors to make their life easier, and to sell more property. A very wise friend of mine once said "that piece of paper will sit still and let you write anything you want to on it". The rules in those contracts are sometimes based upon law, and sometimes not. Having bought and sold with and without realtors, I've found that most of the rules go away when it's just a person - to - person deal with no realtor. Basically, you have to protect yourself. If I were buying, I'd want a survey and title insurance. I'd deal with the owner as to who would pay for it. Maybe meet them half way and split the survey cost. Title insurance, in my opinion, is your expense.

logwalker · October 28, 2006, 07:00:23 PM

The survey is for your benifit and should be your expense. But that is not to say that you couldn' throw it in as a negotiation item. But it is too late for that. They are not asking you to pay for the non current survey are they? That would be different. I have bought plenty of land in the past with out surveys. But they had good legal descriptions and I did my own survey to my satisfaction. But there will be lots of people that won't agree with me on this. LW

scgargoyle · October 28, 2006, 11:05:20 PM

The lawyer has said that it will have to be surveyed. The title company insists on it. If I pay for it, I'm hoping I don't have to have it done again when I build in a few years. I really wanted a fresh survey anyhow, since it will make it easier to find the markers when I start fencing the perimeter. It all seems a bit odd, since the last survey was in 1978, but the property changed hands in 1984. Apparently now there is some kind of probate issue as well. One of the owners died and the estate has never been opened in the county where the land is. I'm wondering how long it's going to take to get it all straightened out. I certainly won't pay for a survey until the estate is settled.

WH_Conley · October 29, 2006, 06:31:25 AM

If it is tied up in probate don't pay for anything until YOUR lawyer says it free and clear.

Fla._Deadheader · October 29, 2006, 06:48:14 AM

In Florida, a survey is only good for 1 year. :

:

>:( >:( I asked if the land spreads out or shrinks over time. :

:

Furby · October 29, 2006, 12:19:32 PM

Only if you are near a volcano. ;D

Riles · October 29, 2006, 03:29:52 PM

Or a hurricane....

VA-Sawyer · October 29, 2006, 05:25:38 PM

Or an earthquake fault line.

jon12345 · October 30, 2006, 08:12:00 AM

or an ambitious dozer operator

rebocardo · October 30, 2006, 07:32:30 PM

> Who pays for the survey?

Usually the buyer. It is your insurance policy. Don't pay for one until it is a done deal and make it worded so if the property is not as described and the deal falls through, you get the money back.

I was buying a house and had a deal and deposit down when the seller went bankrupt in the middle of buying the house. I would not spend much money until probate, etc etc. is all signed and delivered.

SawDust_Studios · October 30, 2006, 07:49:34 PM

Quote from: Fla._Deadheader on October 29, 2006, 06:48:14 AM

In Florida, a survey is only good for 1 year. : : >:( >:( I asked if the land spreads out or shrinks over time. : : :

???Continental Drift ???

scgargoyle · October 31, 2006, 03:50:32 PM

So far- no news. Our realtor now thinks they should pay for a survey, since it is 2 separate parcels, and they're trying to sell it as one. I don't really care- it's not a deal-killer if I have to pay for it. They have til Fri. do close the deal, which ain't gonna happen. Depending on what I hear this week, I might get my deposit back, and just keep first right of refusal on the property. That frees me up to buy something else if a better deal comes along. I DanG sure ain't gonna put any money into that lot til everything's free and clear. I'll keep y'all posted... :

Tom · October 31, 2006, 08:46:37 PM

Now that you have an out, look for more land. There are tax benefits to be had in Florida and some other states, if you are agricultural. You need to have a certain amount of land to even be considered for it and horses don't usually count.

In Florida, the Tax Assessor isn't interested in offering green belt for anything less than 10 acres. Even then, there are hoops to jump through. It would benefit you, down the road, to be able to fall within an agricultural zoning and be able to be classified as an ag business.

scgargoyle · November 01, 2006, 03:24:12 PM

Two problems: One, we plan to move to SC in a few years (after 26 years in FL, we've had enough) Two, we are on a (very) limited budget. The 7 acres we found was stretching our resources to the limit. We need to build a house and a barn, and end up with zero mortgage for all of this to work. I am a tool and die maker by trade, and Greenville SC was one of the very few areas with a combination of work and affordable rural land within driving distance. By the time we move, I'll be about 57, so I'm a little old for new adventures and risks; I need to hunker down and make some money for a while if I ever hope to retire. Your point about ag land is well-taken, and I will continue to look for an affordable piece. The difference in property taxes is astounding! We looked at many, many properties when we went up in September, and only found 2 that really had most of what we wanted. Much of the budget land was too steep, too wet, or too far from jobs for the missus and I.

jon12345 · November 02, 2006, 12:41:42 AM

Speakin of taxes, have you considered going to a tax auction ???

scgargoyle · November 02, 2006, 05:30:18 PM

I looked into some tax auction properties, but there was nothing in the area that we wanted (see previous post explaining why we want to live there). Latest from the realtor is that the seller will split the cost of the survey. The probate situation sounds routine- the estate was settled in FL; they simply never got around to notifying Greenville county. The realtor is talking about a closing in a week or so, if they can get it surveyed soon enough. Trust me, NO money is getting paid until everything is legally squared up. The deal is also contingent on the surveyed acreage matching the contract. We have a title company, a real estate lawyer in SC, and our own lawyer in FL keeping an eye on everything. This is our first raw land purchase, so I want everything to be right. Then we'll start discussing what to do w/ 7 acres of white oak...