As boomers retire, the mountains and the oceans beckon them to invest. In addition, many are buying primary and rental properties on lakes, rivers and streams. The single biggest mistake is believing your own eyes when you are gazing out over the water. It may look like you can just walk from your property right onto the water, but there is much below the surface that does not meet the eye. You must use extreme due diligence when water is concerned, so ask yourself, the seller and the listing agent the following types of questions:
a. Where is the property line?
b. Do I own the land under the water, to the center of the creek, to the high water mark, above or below the high tide level, and/or to the other side of the river?
c. Can I dam up the stream; can I remove the dam that is there now? Can I irrigate my crops with the water?
d. Is access only by an easement? Are access rights permanent or only under a license to the current owner for a limited time?
e. Is the fence mine? Who can open the gate to the pond? Can I fish? Can I boat? Who owns the boat ramp? Who owns the dock? Do any others have easements to use these things?
f. Is the road going to the water a public road? Can everyone drive by my house to picnic at the water's edge?
g. Does the homeowner's association own the lake? Who pays for maintenance? Can I be assessed for the rebuilding of the dam if it leaks? If someone drowns am I legally responsible?
h. What if the lake level is getting lower and lower and I paid a premium for the water view, do I have any rights to complain and to whom?
i. If the lot is vacant now, how close can I build to the lake? Is the property between the home site and the water - mine, or are there setback requirements? Is there room for a septic tank and lines? Can you even get a permit that close to the water?
j. Is there a buffer that would prevent me from building a tennis court behind my house?
k. If there are recorded covenants about a lake in a development, have I read them to see if they will prevent me from doing what I plan to do on my lot? Are there adequate budgetary arrangements to maintain the lake? Does everyone have to pay his or her fair share? Can there be "free loaders" if everyone does not pay their fair share? Even if there are no provisions recorded can I still be required to pay a fair share?
l. If l can only get to the lake by a private roadway, is it recorded? Who maintains the road to the water? Can it be closed off or can it be canceled? Who else can use the road? What happens if a government authority condemns the road?
m. Does the seller, agent, local zoning or planning departments know of any foreseeable changes that may prevent access or use of the body of water or stream?
n. If it is beach property, where are the public access areas? Can I exclude others from the beach area behind my lot? Where is the boundary line? What about erosion or accretion, do I lose or gain lot size if the ocean changes the shoreline? Who else has a legal right to be behind me or between my water view and me?
About this Author
Tom Harrison is the Founder of The National Institute of Home Building in Atlanta, Georga. http://www.nihb.com. Tom is a native of Atlanta and a graduate of Georgia Tech. Tom has taught over 8,000 people how to build their own home without doing the physical work and about 30% of those students went on to become professional home builders.
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