EAGLESTAR.NET LAND AND PROPERTY REVIEW
http://www.eaglestar.net
Issue #13
April 21, 2008

IN THIS ISSUE:
Properties of the Week: The Best of Both Worlds
Prudence and Due Diligence When Buying Land:
Part 3 - Important Questions
Sponsor's Corner
Auction News
Landterms.com Term of the Week: Range


"You cannot step twice into the same river, for other waters are continually
flowing on."
- Heraclitus (Greek philosopher, b. 540 B.C. - d. 480 B.C.)


PROPERTIES OF THE WEEK: THE BEST OF BOTH WORLDS
Each issue we feature several properties we find interesting. This week's
picks offer secluded country living within a few minutes of town.

Property #1 - Orlando, Florida area: Home on 4.5 +/- acres. 4 BR, 1 1/2 BA,
den, dining room, jacuzzi deck and barbecue house, outbuildings, and more.
Numerous upgrades and improvements. In agricultural zoning district (1
house/acre); allowable uses include farm, nursery, horses, residential, church,
and others. Close to the the city but still in a rural setting, so bring your
horses or split the land for investment purposes. View photos and contact
information at http://www.eaglestar.net/snd1-.html.

Property #2 - Sevier County, Tennessee: Lakefront cottage on 1/4 +/- acre in
the Smoky Mountains area. Completely furnished 3 BR, 2 BA home with detached
garage, storage building, and pavilion. Level lot, shade trees, pier, and
community boat launch. Less than 30 minutes drive to all the attractions of
Pigeon Forge. Photos and details at http://www.eaglestar.net/blff.html.

Property #3 - Columbia, Kentucky: Adair County country home on 7.5 +/- acres.
Only 4 miles from town, this brick ranch home with full basement offers 2,336
sq. ft.+/- of living space. 4 BR, 3 BA, living room, kitchen/dining room, and
utility room. This property is very private, located at the end of a dead end
road just off Hwy. 206, minutes from Lake Cumberland. Photos and additional
information available at http://www.eaglestar.net/hfy2-.html.


PRUDENCE AND DUE DILIGENCE WHEN BUYING LAND, PART 3: IMPORTANT QUESTIONS
We at Eaglestar.net believe that wise property buyers look ahead to the day
they may want to sell that property. As a buyer, if you address at the time of
purchase potential issues that may arise in the future, you will find that the
property is much easier to sell when you are ready to do so. Remember that in
real estate, "buyers are sellers and sellers are buyers". This list contains
some important issues to consider and questions to ask when purchasing real
estate of any type.

1. Is the title to this property clear and marketable?
The title is the interest one owns in real property, represented in most
cases by some type of deed. Having clear and marketable title means that one
legally owns an undivided, unencumbered interest in the property and therefore
has the right to transfer ownership of the property. There should be no liens,
encumbrances, or unrecorded easements on the property. The property should
also be eligible for title insurance. The buyer should always make these
inquiries of the seller, but the best way to obtain this information is from a
title search performed by a reputable, licensed title company.

2. What rights are included with the property and its title?
These can include, but are not limited to, grazing, mineral, water, and
development rights. Previous owners of the property may have reserved or
transferred these rights or portions thereof, meaning that you will not own
these rights even though you own the property itself.

3. What type of deed will be issued by the grantor (a person legally allowed
to transfer title to a specific piece of real estate)?
Many types of deeds can legally be used to transfer title to real estate.
These can include bargain and sale, quitclaim, trustee's, general warranty,
special warranty, and reconveyeance deeds. A general warranty deed offers the
most protection to the buyer, because the grantor is legally bound by covenants
(promises) and warranties (guarantees). Next issue we will begin a new series
that will contain a more thorough discussion of title issues, including the
covenants and warranties contained in a general warranty deed.

4. Are there restrictions on uses of the property?
Restrictions on land use are often imposed by county or municipal governments
in the form of zoning or subdivision regulations. In addition, homeowner's
associations may enforce deed restrictions that usually are present in the form
of covenants, conditions, and restrictions (CC&R's) that should be disclosed to
prospective buyers by the seller or developer.

5. What is the dollar amount of the annual property taxes?
This expense can sometimes be overlooked when figuring the cost of property
ownership. Find out how much these taxes are, and decide if this is an expense
you are willing to assume. The most reliable tax information is usually
available from the county and/or municipality where the property is located.

6. What services are available in the vicinity?
Rural or remote properties may not have services nearby that you consider
important or necessary. These can include hospitals and other medical
services, law enforcement, fire and ambulance services, churches, and schools.
Other considerations include the availability of road maintenance and
snow-plowing as well as school busing and other transportation services.
Finally, ask about restaurants and shopping. After all, there are still a few
places left that are not within 10 minutes of a Wal-Mart or Starbucks.

7. What utilities are directly available at the property?
Water, electricity, and heating fuel may have to be hauled, delivered, or
generated on-site if the property is remote.

8. Is there at least one adequate building site on the property? (If you plan
to build a home or other structure)
Extremely poor access, soil that won't support a foundation, close proximity
to floodplains, or inability to pass a septic system percolation (perc) test
are all factors that could limit your ability to build.

9. Is property or home insurance available and what is the cost?
Although you may want to inquire of the current owner if the property is
currently insured and what the coverage costs, you will probably need to
consult with an insurance agent to definitively answer these questions. Be
aware that the location of a property can be a factor in insurance eligibility.
As an example, insurance underwriters may in some cases be reluctant to
provide coverage for homes that are more than 10 miles from the nearest fire
station unless an additional premium is paid, or they may simply refuse to
insure the property at all.

This list is meant to aid real estate buyers in making wise and informed
decisions about land and real estate purchases, but it is by no means
comprehensive. We have only included questions that address the most common
situations and issues.

Part 1 of this series ("The Survey") appeared in Volume 1, Issue 2 of the
Eaglestar.net Land and Property Review
(http://www.eaglestar.net/newsletter/index.cgi?ID=2).

Part 2 of this series ("Access") appeared in Volume 1, Issue 3 of the
Eaglestar.net Land and Property Review
(http://www.eaglestar.net/newsletter/index.cgi?ID=3).


SPONSOR'S CORNER
The Land and Property Review wishes to thank this week's sponsor, Golden
Rule-Wilson Real Estate & Auction #1, LLC, Russell Springs, Kentucky. Golden
Rule-Wilson provides investment, auction, and residential and commercial real
estate services in the beautiful Lake Cumberland/Green River Lake area of south
central Kentucky.

Russell County, Kentucky: 42 Acres With Multiple Waterfalls
On the headwaters of Alligator Creek, between two forks of a natural spring
lies this astounding 42 acres. Level building sites offer views of the
Appalachian Mountains in all directions. This property features multiple
waterfalls, fertile farm land, hardwood forest with accompanying wildlife, and
lots of natural water. This property has all the privacy and natural beauty
you long for, yet it is close to the Still Water development on Lake
Cumberland. Photos and additional information are available at
http://www.eaglestar.net/sped4-.html.


AUCTION NEWS
http://www.eaglestar.net/Land_Auction_Calendar/index.html

Russell County, Kentucky: Kentucky River Land Auction Saturday, May 24th, 2008.
15 lots (1+/- acre) with Cumberland River access. Most lots with frontage on
private lake, within walking distance to the Cumberland River and use of
neighboring boat ramp. The Cumberland River is a top-rated trout stream,
well-known for rainbow and brown trout. These lots are near the city of Lake
Cumberland, Kentucky and are ideal for fishing retreats or simple weekend
getaways. More information is available at
http://www.eaglestar.net/Detailed/20552.html.

Lincoln County, Georgia: Land Auction Saturday, May 3rd, 2008.
Offered already divided in 3 tracts. High bidder's choice. All tracts will sell
from Property 1 (Norman Road).
Property 1: 50.5 Acres
Property 2: 32.5 Acres
Property 3: 99.5 Acres
Excellent timber growth potential with 6-14 years of growth on well-stocked
pine plantation tracts. Gated entrances to roads. Homesites with road
frontage on every tract. Easy access just off GA Hwy 79. Minutes from Clark
Hill Lake/ Broad River. Excellent investment opportunity. Photos at
http://www.eaglestar.net/Detailed/20498.html.

Lincoln County, Kentucky: Farm Auction Saturday, April 26, 2008, 1:00pm.
Large country home with 2-car garage, 1500+ft. road frontage, nice 37x50 block
work shop. Tobacco barn, shed/corncrib, 7000 bu. grain bin. Two ponds, good
hunting (deer, turkey, quail, etc.). 113 acres, cropland, pasture, and woods.
Photos and details at http://www.eaglestar.net/scw.html.

Lincoln County, Kentucky: Land Auction Saturday, April 26, 2008, 1:00pm.
42 rolling acres, 85% cleared, 15% wooded. Fenced, on paved state highway. Barn
with small fenced lot, city water available, lots of possibilities. Photos and
details at http://www.eaglestar.net/scw1-.html.

Adair County, Kentucky: Estate Auction Saturday, April 26, 2008, 10:00am.
196 acres, 4 tracts, new survey. Property is very private and offers all-around
excellent hunting! Good oil well possibilities, many nearby. Approx. 32
cleared acres, creek-side bottom land. Balance is wooded and
portions may have some marketable timber. Also antiques, household items, 2
older tractors and some antique farm equipment to be auctioned. View photos and
details at http://www.eaglestar.net/Detailed/20444.html.


LANDTERMS.COM TERM OF THE WEEK
http://landterms.com
Each issue we feature a real estate, forestry, natural sciences or other
land-related term from our partner site, Landterms.com.

This week's term: Range
1. A measurement used in the United States Public Lands Survey System (PLSS),
consisting of a strip of land six miles wide, running in a north-south
direction.
2. A row or tier of townships lying east or west of the principal meridian and
numbered successively to the east and to the west from the principal meridian.
Abbreviated as R1E (range 1E), R2E (range 2 east), R1W (range 1 west), and so
on.

More terms, definitions, and concepts at http://landterms.com/categories.html.
Categories of terms include Land Measurement, Survey, Real Estate, and many
more. Explore the categories or find specific words, phrases, or abbreviations
using the search bar at the top of each page.


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