Property Survey

It makes sense to know as much as possible about the physical characteristics of the real estate investment you are about to undertake. A survey is the process of measuring a piece of land to establish its legal boundaries. Obtaining a survey may be the most important thing you do before you close on any property. The seller or the seller’s agent may be able to point out approximately where the property line is, but that is usually the best you can expect. However, current survey, will reveal the true details of the property. Being aware of even a minor discrepancy in the boundaries can make a big difference. Something as seemingly innocuous as a fence can create expensive litigation and ill will between neighbors.

Why do Lenders Require a Property Survey?

Property SurveyLenders want to be sure that the land and buildings to which they are lending money be exactly as described in the documents that accompany the transaction. The lender also needs to know that if you default on the loan there will be no problems in re-selling the property. Most lenders will not accept a survey if it is more than six months old; however, if the seller has a survey, ask them who did it. It may save you some money if the surveyor will update the survey. This Document, not only protects the lender’s investment, it ultimately protects your estate investment.

Who Performs a Property Survey?

A trained professional engineer called a surveyor, performs this service. You should order a survey as soon as you have an executed Purchase Agreement. Your Attorney or Lender may arrange the survey for you or you can hire a surveyor directly. A copy of the survey needs to be sent to the lender well in advance of the closing.

What Does a Property Survey Reveal?

A survey discloses the actual lot size, and if the structures on the property are within the boundaries of the property and in compliance with building setbacks. A Property Survey identifies fences and the location of major features to determines whether they meet local zoning codes. It also identifies any encroachments imposed by abutting properties and any easements that may have an impact upon the property title.

What Markers are left by the Property Survey?
The major property boundaries will be flagged , usually with wooden stakes. For an additional cost you can have more permanent markers such as metal rods (pins) or concrete markers (monuments) installed.