BEST ANSWER
FIRST ANSWER
HI Megan,
You are asking great questions! Informed consumers are happier than any other consumer today!
First of all, I am not acting as an Attorney nor am I giving you Legal advice. Please seek the advice of an attorney, CPA and Title company for advice on your questions,(I included a link to the PA Land Title Associations below) however,.....
I am here to answer your questions one by one.
Sometimes, buyers/builders/investors purchase land to build on it themselves. Once they realize another investment opportunity presents itself, they will sell the land/house that is most economical for them to sell.
Usually, land is able to be marketed easier when the township footwork/building permits/building plans/septic & well plans, ect have been purchased and started for the next buyer. It saves the buyer some time and aggrevation.
When you buy land , you do not ever have to build on it UNLESS there is a special requirement on the deed to the land with this effect stated in the deed restrictions. This information is USUALLY known by the present owner or will be found on title search when the deed is packaged.
As the owner of land, you are required to pay the taxes on the land and use the land under the proper use of the deed to the land.
Usually, you can find a lender to hold a note/mortgage on land, however, you cannot build a structure on the land until it is paid in full, UNLESS, you buy the land from a builder who will build your structure for you and include the price in the note for the land and the structure.
You would be best served to call an agent directly and have them give you the $per SQFT for land. This is not easily found on the internet.
I hope this information gives you some more direction.
I wish you great success in your adventure to buy land and build a home in PA!
Kathy Gentner EXIT Home Realty
Visit my website: http://www.kathygentner.com and put real estate on your mobile phone for FREE!
Tue Oct 6 2009, 10:07
Fair Housing and Equal Opportunity