Publication date: 22.05.2024
INSPECTION OF A LAND PLOT BEFORE BUYING: WHAT AN INVESTOR NEEDS TO KNOW
Ukraine is experiencing a period of active development of the real estate market, including the purchase and sale of land plots. However, one of the most common mistakes when concluding an agreement on the purchase and sale of land is insufficient preparation for the agreement and underestimation of the risks associated with the future use of the plot. This carelessness can lead to serious problems in the future, which should be avoided.
One of the first steps before buying a plot of land is conducting an analysis. This analysis aims to examine various aspects that may affect the future use and ownership of the site. Here are the key points to consider:
Availability of a cadastral number: A cadastral number is a unique identifier of a plot of land, which contains important information such as location, boundaries, intended use and details of the owner. Checking the availability of a cadastral number is the first step in ensuring legality and determining the status of a land plot.
List of restrictions and intended purpose
It is important to check whether there are restrictions on the use of the plot and whether its purpose meets your needs. For example, some lots may be zoned for agricultural use or residential development, while others may have building restrictions.
Titles and Encumbrances: It is important to check whether the seller is the legal owner and whether there are any other legal encumbrances such as liens, mortgages or easements.Legal purity of documents: Verification of land documents is key as it ensures that all legal issues are settled properly.
Litigation
Some lots may be subject to litigation, which may make it difficult to purchase or use them.
Auctions and public sales: Buying land through auctions or public sales can have its own peculiarities, so it is important to thoroughly research all the terms and conditions governing such transactions.
This analysis can be complex and require specialized knowledge, so it is recommended to consult real estate professionals or lawyers with experience in land law. Investing time and effort in conducting analysis before purchasing a plot of land can significantly reduce risks and misunderstandings in the future.You may be interested in the following articles: Analysis, consultation, evaluation. legal analysis of the situation, lawyer's consultation, lawyer's consultation, analysis of documents, legal analysis of the situation, written consultation, verification of documents by a lawyer, lawyers' documents, lawyer's help online, lawyer online, legal opinion, legal opinion of a lawyer, lawyer online.
Conclusions
It is advisable to invest funds in the purchase of land plots only after a detailed analysis of the object of purchase. Analyzing risks on your own was difficult in peacetime, and even more difficult in wartime, as access to many registries and resources is limited.
In order to be sure of successfully concluding a land purchase agreement, it is necessary not only to know how to inspect the land, but also to be able to analyze the text of the agreement itself, to understand to what extent the agreement protects your rights.Whether or not to check the land plot, the parties to the contract and the documents is up to everyone, but first of all answer the following questions:
Are you prepared for the consequences if something is not taken into account?
do you want to avoid the risks of unwanted situations regarding land ownership in the future?
If your priority is the inviolability of ownership of your property in the future, enlist the support of experienced lawyers who will professionally help protect your rights and legal interests.
