Investing in vacant land can be very lucrative—as long as you have the right information. Unfortunately, obstacles may be standing in the way of your closing, and if you’re unaware of these issues, you might end up with a plot of land that is not worth the money you put into it. Below are a few common issues to investigate before closing.

3 Common Setbacks That Affect Title Closing on Land

1. Utility Access

If you plan to build a structure on the property, you need access to utilities like telecommunication lines, gas, plumbing, and electric. For instance, if you’re unable to tap into the municipal water supply, which is common in rural areas, you must ensure that the land can facilitate a well. This stretches beyond those looking to build a home on their land; commercial properties or sheds must have access to essential utilities, too.

2. Zoning Laws

Zoning classifications may limit what you can do with your land. Some properties are reserved for residential homes while others may be suited to agricultural or industrial uses. Additionally, look into usage restrictions, which prevent plots of land from deviating from the standard created by other properties in the area.

3. Topography

The lay of the land is also important. Some vacant land is vacant for a reason; developing the property may require a lot of grading before building is possible. Some changes in elevation are subtle and low-grade, so you may not notice them upon your initial visit to the land. Before purchase, ask to see a topographical map of the plot, and speak to a contractor or excavation team about how much work leveling the ground will be.

When it comes to title closing, trust First Financial Title Agency of Minnesota Inc. The title and escrow professionals assist clients through closing, and they offer title insurance once the purchase is final. They’ll also dig up all documents on the property’s history, so you can be aware of liens or any other serious issues. Call (952) 831-5010 today to speak with an agent in Burnsville, MN. You can also learn more about closing services by visiting the website.