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Due Diligence: How To Find the Stuff You Need
| | Wednesday, November 05, 2003 @ 12:00 PM EST
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Contributed by: Nancy Chadwick
Nancy Chadwick Properties
Read more archived articles about Land and Development
Due diligence is extremely important, regardless of the type of property you are thinking of buying. In fact, in development property and land deals, buyers start the fact-gathering process with their first encounter with the property and it continues until they either bail out of the deal or go to settlement.
Here is a list of sources of information (people, places & things) that are good starting points if you are trying to research a property.
SALES AND OWNERSHIP DATA
Tax assessor information is available in several forms. If you do not want to use your real estate agent or broker, you can research
particular properties through either the county courthouse where the property is located (Recorder of Deeds or Tax Assessment dept.), or use free or fee-paid databases that allow you to get information on properties nationwide or in a particular geographic area. (
http://www.firstamres.com,
http://www.brbpub.com,
http://www.web-detective.com
).
If you want to find out who owns the property but do not know the address, one way to be able to identify the property is to go to the municipal building and look at the tax maps or tax plats of properties in the municipality. By process of elimination, you should be able to identify the property (thus giving you owner name, address, parcel identifying number). It is a good idea to take a copy of the tax map with you when you return to the property since this will help you absolutely locate & identify the property, particularly if it is vacant land. Be aware that some of the information in the database or on the tax maps may not be accurate, particularly, size & shape of parcel, zoning classification, and if there are public utilities. (Tax map vendors include:
www.firstamres.com;
www.ordinance.com).
DEEDS AND OTHER RECORDED DOCUMENTS
Usually, but not always, deeds for properties are recorded in the courthouse for the county in which the property is located. In addition, you can find any other document that has been recorded against the property (such as restrictive covenants, mortgage & other liens, subdivision plan, easements). In PA, people usually use title insurance companies who send searchers to the various courthouses to look up records. The deed (at least in PA) contains the legal description of the property, which sets forth the actual dimensions.
NEW CONSTRUCTION COMMUNITIES
If you want to find out who is or will be building in an area, take one municipality at a time and get the list of approved subdivisions and land developments (manager, code enforcement, land development offices). Then you can visit the new construction sites, talk with the site agents and get brochures. If the jobs have not started yet, you can go to the builder websites for preview information.
MUNICIPAL RECORDS
You can identify properties that have applied for rezoning or subdivision & land development approval by requesting a list from the municipality of the properties. After you decide which properties you want to investigate further, make an appointment to review the development files and plans at the municipal office. You are entitled to review materials relating to actions taken by a municipality in public meetings and hearings. This can be an excellent source of information on owners who may be thinking of selling their properties.
UTILITY MAPS
Checking the street for manhole covers and hydrants won’t necessarily give you correct information about whether a property can be serviced by public water and sewer. Instead, consult the mapping available through the municipal or regional sewer & water authorities, county or regional planning commission and private water companies.
ZONING
Each municipality adopts a zoning ordinance and zoning map for the properties within its borders. This material is available for review or purchase at the municipal office or through private vendors. Always make sure you’re looking at the most current ordinance and map since these are amended periodically. In addition, read the whole ordinance and not just the section on the particular zoning classification because the ordinance contains provisions that apply across the board on issues like definitions of terms used, accessory uses & structures, signage, and minimum frontage requirements. (Private ordinance vendor: www.ordinance.com).
The zoning officer (a/k/a code enforcement officer) at the municipality is the one to whom you should direct your questions about the zoning ordinance or map or if you want to find out anything about a property that may have happened in the past, like granting of variances, special exceptions, conditional uses.
PROPOSED HIGHWAYS AND FACILITIES
Depending on the nature (federal, state, local), you can access information through the municipality, county/regional planning commission, municipal comprehensive or “master plan” and federal or state agencies.
PROFILE DATA OF AREA OR MUNICIPALITY
Municipalities and county or regional land planning agencies prepare comprehensive plans as a primary tool for their land planning. The comprehensive or master plan contains a wealth of information pulled from various sources including US Census Bureau and Dept. of Labor. In addition, you will find data about natural resources, statistical data on housing stock and non-residential developments, existing and proposed roads, transportation facilities, utilities, plants, commercial operations, hospitals and schools. Be sure to check out the proposed land use map and accompanying text. Here you might find clues for future growth areas and even potential for successfully rezoning particular properties. The comp plans are available at either the municipal office or the county/regional planning agency.
FLOODPLAIN MAPS
To determine if the property is in an area subject to flooding, consult floodplain maps. These are available through either the municipality, FEMA, or county/regional land planning agencies. (www.fema.gov).
Note: Nancy Chadwick has developed two books about developing land and conducting research as an investor.
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