PRE-PURCHASE DUE DILIGENCE - LEARN BEFORE YOU BUY
Completing a due diligence review for a raw land acquisition can be much more extensive than similar reviews for acquisitions of already-improved real estate projects. Many additional issues must be addressed in raw land acquisitions to ensure that the you will be able to construct the development that you envision for the property. Even if the property is improved, you may have additional improvements or new uses for the land in mind as a part of your purchase.
Raw land purchasers should work with an entitlements specialists, like Terra Consulting, to inform them during the due diligence review, by understanding all of the regulatory issues that will drive engineering, budgeting, and development decisions. Terra Consulting offers enormous assistance in this important pre-purchase due diligence.
Real Estate Brokers are vital; they are experts in land and property transactions. Brokers do not know regulations of each jurisdiction they work in and it isn't a part of the contractual engagement that buyers have with them. A great broker will suggest that you seek additional expertise. Both you and your broker can contract with us to clearly understand how your land is zoned now, what uses accompany those vested rights and what the possibilities are for your property purchase. It is heartbreaking to make a substantial investment only to find that your dream or project is either unlikely or impossible on the property you just bought.