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What are some of the unexpected pitfalls when buying or selling rural acreages?

By Chad Garteski

Tue, May 27th, 2014
Posted in All Ask the Expert

If you are considering buying or selling a rural acreage, educate yourself in advance to some of the challenges you may encounter. Where a home/dwelling is involved in the transaction, septic compliance is one the first things to investigate. State compliance standards have changed considerably in the past couple years making it difficult for many systems to qualify as compliant. If there is an old building site on the land, be sure to check on the status of the well. In Minnesota the term “unused well” can cause headaches and hit someone’s pocket book before or after closing depending upon whether the buyer or seller takes responsibility for addressing the matter. Fence lines may or may not be the boundary of the property. Many areas have not been subject to a modern survey and often times, survey lines and fence lines do not match up. Boundary disputes can be complicated to correct. Legal access and easements are also factors that require careful consideration. Technically speaking in Minnesota you there are not supposed to be “landlocked” properties but in reality, practical access is not a guarantee. Most of these situations can be overcome or resolved and the key to doing so is recognizing them early in the process. Attorneys and real estate agents are adept at finding solutions to these situations.

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