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[OP]
Newbie
Oct 28, 2008
62 posts
12 upvotes
Toronto

Land purchase

Anyone has info about how to buy vacant land

How much mortgage is approve ?

Any specific lawyer requirement ?

Any special real estate agent for this transaction ?

Thanks in advance..
4 replies
Deal Addict
Dec 20, 2018
3968 posts
3185 upvotes
hat1811 wrote: Anyone has info about how to buy vacant land

How much mortgage is approve ?

Any specific lawyer requirement ?

Any special real estate agent for this transaction ?

Thanks in advance..
depends if you're talking about a simple lot within a registered plan that was created through a plan of subdivision or you're talking about a larger parcel of vacant land that has more complex history. If it's the latter, depending on location and history, you will want at minimum a search on any and all easements and encumbrances and if large (or high enough value), probably get a title opinion as well and depending on historical/previous use, an ESA and RSC as well
Deal Guru
User avatar
Mar 23, 2008
11587 posts
7842 upvotes
Edmonton
hat1811 wrote: Anyone has info about how to buy vacant land

How much mortgage is approve ?

Any specific lawyer requirement ?

Any special real estate agent for this transaction ?

Thanks in advance..
To go along with what was already mentioned... Talk to a mortgage broker about your financing options. If I recall correctly, getting a mortgage for vacant land can be an issue, so you'll want to make sure you've got that lined up before going through a lot of other expenses.

C
Deal Addict
User avatar
Mar 27, 2007
2358 posts
168 upvotes
Just to add, it is very difficult to get a mortgage for an empty plot of land.

In general, if you're looking to put up a home or two, you'll likely need to buy the land outright, and then get a concession loan to build the houses. It's capital intensive. Banks don't like to lend money for empty plots of land, or to build homes for empty plots of land.

It's not impossible to get a mortgage from a big bank for an empty lot, but I'd say it's difficult.
Jr. Member
Jun 8, 2009
139 posts
41 upvotes
Toronto
any real estate agent and lawyer should be able to do it.
As far as a mortgage it gets tricky since there are many variables for the lender to consider:
Is the land near a major urban area ?
What is the current zoning?
A private lender may consider it, with a 50% loan amount based on current appraisal.
hat1811 wrote: Anyone has info about how to buy vacant land

How much mortgage is approve ?

Any specific lawyer requirement ?

Any special real estate agent for this transaction ?

Thanks in advance..

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