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Buying an Arkansas real estate for sale by owner is a big decision. And it is one of the most crucial decisions for a layman who invests in a piece of land to either secure his future or build a home which is why there are several considerations that he surely must look into prior to making the investment.
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Buying an Arkansas real estate for sale by owner is a big decision. And it is one of the most crucial
decisions for a layman who invests in a piece of land to either secure his future or build a home which is
why there are several considerations that he surely must look into prior to making the investment. After
all, one wrong step and you can lose a major chunk of your life’s earnings. So what are these
1.Verifying The Land Documents
It is important that the plot you are buying has clear documents so that you do not have to face any
hassles after the deal is sealed. So what are the documents that you must look into? The most important
one is the title deed. You need to check whether the landowner selling the property has a right to it.
Check the title deed of the land and if possible get it thoroughly scanned by your property lawyer for any
objections and claims.
2.Approvals From Officials
There are certain documents such as approvals from the officials, release certificates, property tax
receipts and so on that needs to be verified prior to confirming your investment. If the owner earlier had
taken any loan on the land, he must show you the release certificate by the bank or the finance
company. Nowadays, all such details are readily available on the internet and you must check whether
the plot has any loan on it and whether it has received approval for construction and any other
development from the official body in the vicinity.
3.Can You Take Loan?
Only a clear-titled property can be sanctioned for a loan. So if you are interested in taking a loan for
buying the piece of land it must be clear of all the legal hassles. The best way to find it out is to take all
the photocopies of the property to the bank and find out if they can give you a loan or not. It will even
clear out all your doubts regarding the authenticity of the documents.