HELP! Understanding Info from Realtor re Lot

15 years ago

I just got some info from a realtor re a lot up north that my parents are considering buying, and I am not sure what a few things mean. Can some of you help and tell me if I should have any concerns about the below as to whether the lot is buildable/cost of building on the lot? I am completely clueless. They are going to hire an agent, but in the meantime, wants any info they can get.

It says that there is (1) no electric at road; (2) no survey; (3) no improvements; (4) no gas at road;

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Comments (6)

marzhere
15 years ago
Those things mean MONEY to me, LOL.

No improvements means the lot does not have water/well, power/gas, phone, septic/sewer, etc. on the land.

No electric and gas at the road means those are not at the road and might not be available anytime soon (unless land owner(s) are willing to pay to have them installed and the provider is willing to do that). After installation at the road, homeowner still has to "improve" their lot.
happymommy
Original Author
15 years ago
Thank you! That is so helpful!
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frog_hopper
15 years ago
Usually there is power at the road, if not on the property itself. If there isn't any, that likely means it is in a very remote area. The availablity of power, and how much it will cost to bring to the property, should be ascertained before anything else.

If there is no survey, your parents will want to have one done to their satisfaction. You can negotiate on who pays for it, but it is usually the buyer, if the seller doesn't have a current survey. If there is no current survey, you usually cannot get title insurance that will cover the boundaries.

No improvements means it is raw land with no structures and no utility work done on the property itself.

No gas means just that. No piped gas service on that road. If they have to have gas, they can price propane. It won't be cheap.

You should also determine if there is phone service on the road.

Personally, if they have to ask what all these points mean, it sounds like they may be in over their heads. Buying raw land is a tricky business. Be wary.
sue36
15 years ago
(1) no electric at road,
Depending on where you are this might or might not be expensive. The power company where we are now charges an arm and a leg, where we used to live they were reasonable. You need to find out where the power is an then calculate the number of feet from there to the house. And then call the power company for an estimate.

(2) no survey
You will need to get it surveyed, not a big deal. The seller's should pay it, IMO.

(3) no improvements
Means its just land.

(4) no gas at road;
You can do propane or oil. There is no gas anywhere near where I live and I live in civilization. Everyone uses oil.

I'm in Maine and none of the above would be unusual for land a little of the beaten path. That's why land off the beaten path is priced accordingly. This lot should not be priced like an in-town lot. Now, if it's waterfront or something that's another story entirely.
meldy_nva
15 years ago
"No survey" can be a PIA. You don't want to buy land without firm knowledge of the boundary lines. No survey may mean that the nearest known marker is miles away and -as I learned from experience - that means $$ because the surveyor has to work from a known point. In my case, a certified survey of 16 acres cost $7k, 30+ years ago. And, no, the land wasn't out in the back of beyond; just in an area where surveys were not commonly performed.

With all those "no, no, no ..." improvements, I'd be very cautious about the road, too. I suspect access was made with a bulldozer and some truckloads of gravel. And that's okay if you have 4-w drive and are willing to slog mud and slide ice. But be very aware upkeep is often minimal and decent bridges may be lacking in those circumstances. And... if the buyers are adult, also consider the distance and possible problems getting to a hospital in an emergency.
ajpl
15 years ago
We are the last house on our dead end road. Before we built all of these descriptions would have applied to our land. In reality, we just had to bring the power lines up from the last house. There was power on our road but just not *at* the road access for the property. I'd definitely check into it b/c those things could be extremely pricy or just an added inconvenience which may we worth it to get a rural place.

HELP! Understanding Info from Realtor re Lot

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marzhere

happymommy
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HELP! Understanding Info from Realtor re Lot

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marzhere

happymommyOriginal Author

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