Why Get a Survey?
In order to protect your interest during a real estate transaction, you should secure a survey. This will divulge exactly what piece of property is being purchased as well as what is on the property. Prior to closing on a piece of property, every buyer should attain a survey.
Can’t I rely on an old survey?
During many real estate transactions, some type of problem is bound to crop up. These problems can be small and inconsequential while others have irreversible consequences. By getting a survey, you are ensuring that you know the locations of EVERYTHING on your property. Relying solely on an old survey does not ensure your protection because newer improvement may have been made that could lie outside your property boundaries. Some problems that you might run across are:
- The driveway, pool or deck is over the property line.
- The deed that outlines the section of property is incorrect.
- The house is in a flood zone.
- The driveway is not on the property, therefore, not allowing you a way to get on or off your land.
If you are a buyer, whether the home is a re-sale or brand new, you need a survey. The purchase of a new survey and owner’s title insurance will insure your protection with any surveying issues that may arise. Without a survey, the owner’s title insurance policy will not cover anything that a survey discloses.
No Survey = Expensive
As a buyer, you can choose to avoid the expense of purchasing a survey. But, in doing so, any property related issues that a survey may have disclosed now becomes your sole responsibility. These problems are going to cost you many times more than a residential survey would have. A problem that may seem small can quickly become complicated and expensive as well as decrease the value of your property. For instance:
- A fence that sits over the property line will have to be replaced.
- A driveway that infringes on the neighboring property line will need to be cut and re-poured.
- An air-conditioning unit does not sit on your property. The unit will have to be rewired.
- It is discovered that your house is over the property line. Nothing can fix this situation unless you negotiate with your neighbor to buy a piece of his property.
Don’t Close Without It!
If you want a positive real estate transaction, then a survey is a must! The other people that are invested in the deal are only interested in finalizing the agreement. By purchasing a dependable survey from an esteemed company prior to closing will ensure yourself a negotiating tool if a property issue should arise.