Hello! We’re back at it today to talk about a little known real estate topic. We’re talking about surveys. In case you aren’t aware of what a survey is, I’ll go over a few key points. Basically, a survey is a map of your property.
So, why would you even want to have a survey of your property? It provides important current information about your property to help you avoid potential future problems. Maybe you’re thinking about building a house on a property. The survey will tell you what the legal boundaries need to be for the house. It will give you specifics such as the distance it needs to be from the road.
A survey will also let you know if there is something such as an easement on the property. As easement is basically land that can be accessed by others. For example, a power company may have an easement on the back of your lot so that they can access power lines.
If a disagreement with a neighbor arises over damage caused by a tree or maybe a fence that is need of repair, a survey will come in handy. The survey will show the exact boundary lines of the property so that it is easier to tell which party is responsible for the repairs.
You can get lots of valuable information from the survey. If the home is located on a flood plain, it will be disclosed in the survey. You’ll also find building restrictions and requirements that are important to know if you plan to build on the property. The survey also includes the legal description of the property.
If there is an encroachment on your property, the survey will also have this information. An encroachment is when someone builds or sets a structure on your property that doesn’t have legal rights to the property. The encroachment may not be troublesome to you, but it’s important to know in the event you sell the property. It will need to be disclosed in a future real estate transaction.
So, who pays for the survey? Well, it could be the buyer or the seller. This information will be found on the contract between the two parties. The cost could also vary depending on the size and condition of the lot. Typically, the Title company handling the real estate transaction will set up and schedule the survey.
The seller may provide an existing survey. In this case, they will also need to provide a T-47 affidavit stating that the survey is accurate. It will also list any changes that have been made to the property after the survey, if there are any.
You’ll also want to be aware of the deadlines for completing the survey. The survey deadline will also be found in the contract. Be aware that the lender for the home buyer will require an acceptable, up-to-date survey of the property.
I hope this information about surveys is helpful, but you’re never on your own. Give our team a call today and we can walk you through every step of the process.