Even if you plan to die there, you can't guarantee it.
A fun forum to read
http://forum.freeadvice.com/neighbors-boundaries-108/ . Lots of easement questions that will give you a taste of the fun you could have in store.
Termites I don't know a whole lot about, but do you want to chance that? Yeah, maybe insurance would cover it if it was a problem, but where would you and your family be while that were taking care of it? I had a friend whose family had termites. I don't remember the details, but they had to tent the house while they treated them.