What Is A Property Survey?
When purchasing a home,
especially for the first time, you are going to encounter a lot of terms and
jargon you may never have heard before.
“Property survey” is one such term you may encounter in the process, and
it is often not considered one of the more important parts of the home buying
process, but it is an essential part of any home purchase closing process and
should not be overlooked.
What Is A Property Survey?
A property survey is a
document, usually in the form of a map or sketch, that outlines all the
prominent features of a property, including the house and the physical
boundaries of that property. It can also
include other items, such as natural features on the property, including ponds
or lakes, and man-made features such as pools.
These property surveys must be completed by a professional qualified to
carry out a property survey, and usually have to be done within six months of
any change of deed.
Why Do You Need A Property
Survey?
In some states a property
survey is required for a number of reasons.
From the perspective of a home buyer, your mortgage lender will usually
want to see a recent property survey of the home and land you are purchasing
for their records. Also, you will need
one for title issuing, and for your municipal office to calculate your property
tax. It is also important to note that
if you plan on doing any renovations to your home after you purchase it, you
will need it for your contractors. This
gives them a clear picture of the features of the property as it stands, and
the boundaries of the property itself.
What Does It Cost, And Who
Is Responsible?
In general, there are two
types of property surveys-house location surveys and cadastral surveys-and in
most cases it is the buyer who is responsible for the cost of the property
survey. If you are just planning to get
the required documents for your mortgage lender, the more inexpensive house
location survey is the way to go. If
there are any doubts about the property, however, such as whether a particular
feature lies entirely on the property or not, it is a good idea to go for the
more complete survey. In these cases you may be able to convince the seller
that you require it in order to make a choice about whether you will purchase
the property or not.
It is always advisable to
have a Premier Beach Realty Agent who will help you navigate through this process, and they can
give you the best advice on making a choice that is right for you.
While all this work may
seem like a lot of effort to put forth for what may turn out to be just red
tape, if there is a serious problem with the property you are hoping to buy and
it goes undetected, what should be your greatest investment may turn out to be
your greatest liability.