7 Things to Consider When Buying Land in Kentucky
Land in Kentucky can vary greatly in price, depending on the location and type. Knowing what you are looking for will help when you are dealing with realtors. You should always inspect the land before purchasing to make sure that you are getting what is advertised.
Buying land that has no available access can prove to be a big problem. A possible right of way across adjoining property might become closed, especially if the neighbors sell to someone else. Make sure there is access by a public easement rights recorded in the land records.
Previous mortgages and property liens need to be researched to make sure the deed is clear. Having a possible foreclosure happen will result in the property being sold and can result in a loss of invested money. A search should also be made to be sure there are no back taxes owed. This is especially true if buying on land contract instead of through a mortgage company.
Just because you own the land, the logging and mineral rights might belong to someone else. This means a company can come in and cut down trees on your property or drill an oil well. The owners of the mineral rights are allowed to extract minerals by building improvements on your land and also roads to have access to remove the minerals.
Boundary disputes arise all of the time. Tearing down an old building or building a fence can lead to legal troubles. You can also be held liable for cutting down a neighbors tree and wind up paying for the replacement value of the tree.
Someone using a portion of your property could possibly be entitled to ownership of the part they are using if you don’t raise an objection in a certain amount of time. A trespasser or even a neighbor could be awarded part of your property under certain conditions.
The land you could be purchasing might be under a protected wetlands law or even be home to an endangered species. There could also be a type of chemical contamination from a previous dump site. These issues could keep you from using your land.
Check through zoning laws carefully. The area you purchased your land in might keep you from building a fence, a swimming pool, a garage, or any number of things. Make sure zoning requirements are compatible with what you want to use your land for.
Moving to Kentucky can be a very enjoyable experience. It is a historic state with many things to do, from outdoor recreation to museums that show our early history. Buying land here is a move you shouldn’t regret.