As a residential real estate lawyer in East Greenwich, RI from a firm like McCarthy Law, LLC can explain, land can be a lucrative investment. If you choose to develop land for housing or commercial purposes, there are a lot of benefits. Unfortunately, some investors choose not to work with a lawyer when developing a lot. Often, they believe that it is a lot simpler than when you are dealing with pre-owned buildings. Developing land is still complex and a lawyer can help you in several different ways.
Perform a Title Search
You still need to research the history of any lot that you purchase. When your lawyer researches the history of the property, he or she will be able to tell if any prior developers attempted to build on the lot. In the property’s history, he or she can find out why the former developer didn’t complete the project. If there are any obstacles in your way, you can find them out here.
In addition, a real estate lawyer will look at title paperwork to ensure that there are no disputes or liens against the land. The land needs to be cleared for sale before you try to purchase it.
Explain Zoning Challenges
Before you start developing, it is important to know all of the different zoning ordinances that might affect you. Zoning laws tend to change often and it can be difficult to keep track of every regulation. A real estate lawyer has more experience working under zoning laws and can help you to make the right decision with your property. If need be, the lawyer may even make appeals for you, regarding the land.
Some lots may have a variety of restrictions. For instance, a lot may have easements or environmental regulations. If it is a historical lot, there could be restrictions on what you can build and if you can build on the land. A land survey can tell you a lot about the property. The survey will outline the property’s boundaries and reveal if there are any legal complications with the property.
Dealing with a vacant lot doesn’t mean that you won’t encounter potential problems. To develop land for any reason can be complex and difficult. Even if you’ve developed land before, it doesn’t make it less complex. Whether this is your first time or you’ve invested in land before, it can still help to contact a real estate lawyer as soon as possible. He or she can help guide you through the process and help you navigate problems if any occur.