Industry Tips
Land Sales
Prospective purchasers of land should carefully follow these recommendations.
1. Under federal law, if the seller is offering 100 or more unimproved lots, generally the property must be registered with the U.S. Department of Housing and Urban Development (HUD), and the seller is required to give you a disclosure document call a "Property Report" before you sign a contract or agreement. In addition, you have seven days from the date it is signed to cancel. Do so IN WRITING by notifying the seller at the address shown in the property report.
2. Personally visit and inspect the property before signing any agreement.
3. Make sure all promises are confirmed in writing.
4. Contact local government offices such as tax assessor, lease department, and county engineer for information concerning the sub-division and the seller.
5. Consult an attorney before signing a contract or agreement.