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In this test, youll examine zoning and building codes, variances, deed restrictions, building covenants, and easements to assess a range of legal uses for the subject property. Financially feasible – Would the proposed use generate enough income to pay for construction costs and make a profit? See diagram.
Welcome to the wonderful world of easements. In our example, if Sandy refuses to let Mark pass through, legal intervention may eventually be necessary to enforce his easement - Mark's right to use someone else's land in order to access his own. ” A person who has an easement does not actually own the land.
Some things that are most important to consider in evaluating your land in the beginning stages include: Local zoning laws: these can affect the size and height of the buildings you are allowed to build or even if you're allowed to build at all. This is a detailed construction plan for your building.
Learn about roads, easements, and property rights: Consider spending the afternoon or night on the land that’s for sale, if possible. Learn about easement rights and road access. Zero in on zoning laws: Zoning laws are extremely important when you buy commercial land in Columbus, Ohio.
It's important to note that real estate contracts and laws change depending on what state you are in. Any existing easements on the property which legally allow another party to use someone else’s property. Examples of this will include a utility company being allowed to use part of the land to run power lines.
Floor Space Index or FSI (Amount of Construction Allowed on the Land). Possible Title Issues (Easements, Foreclosure). Local Laws and Bylaws. Test Soil Before, During, and After Construction (via a Soil Engineer). Zoning Requirements. Title Deed. Original Land Deed (If Applicable). Encumbrance Certificate.
As you might expect, it didn’t take long for both John and Suzy’s parents to hire a law firm and start going after all the real estate professionals involved. I used Hypothetical Assumptions for new construction, of course. =. Recognition of, and compliance with, laws and regulations that apply to the appraiser or to the assignment.”.
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