Transferring Land Into Your Name
If you are interested in building a home on your own land, you may need to know more about the process of transferring land into your name, whether purchased or gifted to you.
You may be obtaining property that has been surveyed and the plat (drawing of a particular property showing boundaries, etc.) has been recorded with the property records at the county in which the property is located. If that is the case, the owner may transfer that property to you through a deed which will reference the recorded plat. It is fairly simple.
On the other hand, sometimes you may be only buying part of the property in the recorded plat. This is a little more tricky. The first thing to do in that case is to get guidance from the government that has governing authority over the parcel being carved out. You may deal with county or city officials or both. Find out what the government requires before you start spending money with attorneys, surveyors, engineers, builders, etc. Also make sure the zoning allows for the construction of the type of home you want to build on the property.
Once you get guidance from the government officials about what you need to do to subdivide a parcel of land and build, you will probably need to engage an attorney and a surveyor to help you complete the transaction.
However, there are other critical items to consider as well so make sure you are buying property that will accommodate your home needs.
Critical items to consider include the following:
- Is drinking water available on the property whether from a well or public system?
- Can you connect to a public sanitary sewer system or whether the soil conditions will support waste disposal through an on-site septic system.
- Is there electrical power availability?
- Will soil conditions support the homes weight?
- Does the property have wetlands or flood zones?
- Do you have access by a road system to the property?
If you’re buying this property, rather than being gifted the property, consider how you plan to finance your purchase.
Minimize your cash contribution by talking with your bank or lender first. This will not affect the price you pay for your Keystone Home but may allow you to keep some cash available for other expenses that may come up throughout the build process. Ask your bank/lender if they will require a holding period, which is a minimum amount of time you are expected to own the land before you can begin building. This will be especially important to know if you’re hoping to move in your new home on a quicker timeline.
If you would like to learn more about building on your own land with Keystone Homes, click below!
