Things to know to buy residential purpose land

Things to know to buy residential purpose land

Member since 2019 · 2 posts · 0 votes

Anyone shed some light on the process to purchase a home lot(less than 1 acre). Looking for inputs on
1. Generally the seller provides Survey?. What are the details we can get from the survey?.
2. How to know if a land site has utilities(water, power and sewer)?.
3. Buyer needs to provide any realtor commission?.
4. Approximate closing costs for small home lots?.
5. Land soil test is required for small home lots?.
6. On day to day any insurance required for home lots?.
7. Apart from HOA fees, property taxes, any other fees for day to day basis?.
8. Can we contact the city planning and zoning team for more details on land?.
9. How to know setbacks to build home and open land requirements?.
10. How to know how much land we need to keep it for sidewalks?.
11. Do we need to check HOA rules to build homes on vacant home land?.
12. In general what are common timelines for purchase to close?.
13. Do we need to provide a lot of documents to get a loan on LLC or is it a lengthy process to get loan on LLC istead getting a loan on individual persons?.
14. Any helpful link to more details on how to start the land purchase process?. How to search, land filter tips, zoning tips and end to end process?.

Thanks in advance for your inputs. 

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  • Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
    5y

    Siddardh,

    Regarding the Insurance on a vacant lot, yes you do need to have Liability coverage.  Depending on how it is titled and whether or not it is in any way developed (cleared, utilities, road, etc.) you may be able to extend the Liability from your homeowners or businessowners coverage.   If that does not work, you can purchase a stand alone policy to cover the Liability.  

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