Whether choosing to purchase vacant land as an in the Tulsa area as an investment, for recreation, farming or for building a new home, the practical reality of buying land brings new risks that are not normally associated when purchasing an existing home in a developed area.  Northeastern OklahomaYou must be prepared and understand what to look for in your careful consideration of a land purchase. The following are some important factors, which must be considered when buying vacant land. 

1. Has the property been surveyed by the seller? Are all boundaries identifiable by an iron pin, wooden stake or monument?  What is the size of the property!
2. Are the fence lines correctly installed on the property lines?  If not, are the neighbor’s fence lines on the seller’s property or are your seller’s on the neighbors. This could bring up potential legal issues and determine the actual amount of land you will be purchasing.
3. Check to see if there any restrictive covenants, or other deed restrictions that are in place for the land you want to buy, because they dictate how you can and cannot use the property.
4. Be sure to consider water well and septic installation expenses for land without community water and sewer hookups. All offers for land without sewer hookups should be contingent on your ability to obtain permits for septic should you be building a home.
5. Check for availability of electric, gas and telephone services and if none are available, what is the cost of installation?   Will your electric service be overhead or underground?   Is natural gas available or LP?
6.  Review utility and right of way easements.  Are there oil or gas pipelines through the property?  Does someone have the right to use the property you want to buy?  If there is someone using an easement road to go through the seller’s property because they are landlocked, is there a road maintenance agreement.  Find out before you make an offer, or add a contingency to the offer that you the buyer must approve of existing easements or the contract is void. Some banks will not lend without a recorded agreement that shows all owners have promised to help with road upkeep.
7. Are there any environmental liabilities such as old oil wells and buried oil and gas storage tanks?  Their removal and clean up can be expensive.  Has the property been mined or stripped.  Had the land been previously reclaimed?  Are there any additional items that need to be cleared from the property such as old structures or downed tree’s?
8. Is the property in a flood zone? 
9. Has the property been farmed, are there any water sources, maintained pastures and full fencing.  Do any outbuildings have electric and water?
10. Bring a builder with you if you plan on constructing a new home to locate the best building sites.  Find out how much it will cost to build.  Builders can charge you more for remote properties.  Also get insurance quotes on your new home and property.  Insurance can be higher in rural area depending on location of Fire Departments and the availability of fire hydrants.

The biggest question you need to ask yourself when buying vacant land is, do you know what you’re buying? Although not inclusive, asking these primary questions will give you a head start and may help reduce the risk in purchasing vacant land.

Contact Dave Berry for information regarding ranch property, gentleman's or hobby farms, and hunting land in the Tulsa area and at 918-637-5359