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Updated about 7 years ago on . Most recent reply

Account Closed
  • Specialist
  • Cincinnati, OH
2
Votes |
81
Posts

Contingencies on the contract to purchase a vacant lot?

Account Closed
  • Specialist
  • Cincinnati, OH
Posted

I'm about to pull the trigger on some land for a new build single family. 


I'm wondering if anyone recommends additional contingencies written into the contract other than your typical "title, survey, appraisal, insurance, inspection?"

I'm planning on paying cash for the land, and want to guard against potential HOA covenants/ deed restrictions that may prohibit construction. Would you recommend I write language into the land deal that allows me to terminate if I find a deed restriction/ HOA covenant that messes with future development?

I've checked the recorder's office and I can't find anything that looks concerning, however, a similar lot in the same subdivision was advertised on the MLS with a deed restriction prohibiting new builds under 2300 sf.


I'm also worried about other older encumbrances I haven't considered. 

Do Title policies generally cover unrecorded easements?

Obviously policies wouldn't cover deed restrictions that are recorded, right? Since they're public knowledge?


Thanks in advance for your help!

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