If you’re like many people buying land for sale in North Florida, you know that your purchase contract will probably contain contingencies that help protect you and the seller in the transaction – and the contingencies are different when you’re buying land than they are when you’re buying a home for sale.
These are common contingencies in a purchase contract for land.
Common Land Purchase Contract Contingencies
Many pieces of land don’t have good boundary markers, so it’s common to see a contingency that lets you back out of the contract if the boundary isn’t where the seller claims it is.
City permits, utility hookups, septic permit fees and other costs can rack up, so it’s not unusual to see a contingency that relates to the feasibility of the buyer being able to use the property at reasonable cost.
Well and Septic
When land isn’t part of the city water system, a well and septic clause can help you back out of a contract if the property’s well or septic isn’t approved by the health department or other authorities.
Are You Buying a Home in Lake City?
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