When buying waterfront property, whether on a canal, a bay, a lake, the intracoastal, or even the gulf, in addition to the usual due diligence you should undertake when purchasing a home, you should also consider the following potential issues specifically related to waterfront property..
1. Does the property actually physically abut the waterway in question? Even though it may appear to, a survey to accurately depict the proper margin of the waterway should be completed, as well as legal analysis to confirm that there are no gaps, margins, or hiatuses between the property and the margin of the waterway. This is very important given that even a one-inch gap can preclude waterfront access.
2. Understand your dock rights:
- Has the dock been properly permitted? Do not assume that because a dock exists that it must have been properly permitted.
- Can you replace the dock if it is damaged or destroyed?
- Do third parties have the right to the use or enjoyment of your dock?
- If there is no dock, can you place one there? Just because the neighbor has one doesn’t mean you too can have one. The determination is site specific.
- What restrictions might you have with regard to the placement of a new dock?
3. Does the property have riparian rights for use of the applicable waterway?
4. If your waterfront access is over another parcel, does such access actually get you to the waterfront, do you have the legal right to use it and does it specifically confer the right to also locate a dock?
5. Do third parties have the right to enjoy the riparian rights associated with your property?
6. If there is a seawall, is it properly located on the property’s waterfront boundary?.
7. If the waterfront parcel is located within a flood prone area, was the home constructed to satisfy FEMA requirements?
8. If there is no home on the property, are you familiar with FEMA requirements for the subject property?
9. Does the parcel have unique setback/construction requirements due to the water it abuts and do the improvements satisfy those requirements? If the home is ever damaged or destroyed, is it important for you to know what requirements you might need to satisfy to replace it.
This is not an exhaustive list, so for certain waterfront properties we strongly recommend the use of a real estate attorney with waterfront experience to assist you in whatever due diligence you elect to undertake.
It’s also important to find a real estate agent who is a waterfront specialist; someone who can provide you with the best advice and connect you with all the important resources that you will need.
Contact us and we will put you in touch with a CENTURY 21 Coastal Alliance waterfront specialist who will help you acquire that perfect waterfront property that fulfills all your dreams.
