In the first place, let us look at what a property survey entails. For the purposes of this article, we will look at a property survey as a document that shows property lines. Moreover, a property survey includes any land or structures as a schematic diagram. The schematic diagram highlights various measurements as well as angles. In other words, a property survey resembles a sketch drawn from an aerial perspective. In addition, a property survey can be quite detailed and include past improvements, topography, as well as utilities. Should you have a property survey when selling your house? Keep reading to find out when a property survey comes into play during a real estate transaction.
What is the purpose of a property survey?
Generally speaking, you are not legally required to get a property survey when you want to sell your house. However, a property survey enhances the transparency of a home purchase. Most mortgage companies need a property survey to confirm that a property is worth the sum of money they are providing in the loan.
Here are a few scenarios where a property survey may significantly alter the direction of a transaction.
One of the scenarios where property surveys come in handy is over property lines, sizes and dimensions. Needless to say, exercising due diligence is essential in detailing your property’s legal boundaries. This will save you from making a costly mistake such as constructing your property on someone else’s land. Essentially this means that the size recorded with the title must equal the actual property size.
There are instances where the property has some sort of unique hazard. As such, an upfront property survey can save you from committing to a deal that will unravel due to some unknown factors. For example, without a property survey you might not realise that there are some underlying factors on the property that could pose serious risks.
It is worth noting that easements can be problematic when you have to clear title and they are clearly and properly documented. For the purposes of this publication we will define easements as the right to cross or use someone else’s land for a specified purpose.
Homes without defined proportions
One of the most important benefits of property surveys is that they can bring added value to a property sale. For example, if your property is oddly or uniquely shaped, a property survey can help you get clarity on property lines and proportions. In fact, under such circumstances a property survey is of great importance. Sometimes property surveys reveal that a property is actually larger than earlier anticipated. In addition, a property survey can help highlight if there is a good placement for potential additions.
Regardless of whether you are looking to sell your property or not, you may still need a property survey. This will be crucial to avoiding issues such as boundary encroachments. Moreover, property surveys are vital if you are contemplating undertaking any of the following home projects:
- General home addition
- New structure on the property
- Any type of major construction
- Constructing a fence
Under most circumstances, the party that requires a property survey is generally the one that pays for it. Thus, if the buyer wants a property survey then they will pay for it and if the seller wants a property survey, they will pay for it. Moreover, the cost of a property survey will vary based on the property’s location.