GUEST BLOG: How a Property Survey Could Save You Thousands
One of the questions frequently asked when buying a home is “do I really need to have a survey done?” Join Helen Dankos from RGS Title Group as she explains why a land survey is important to you.
More and more, lenders are not requiring a survey as a loan requirement and the prospect of saving a few hundred dollars is appealing to most buyers. But saving a few hundred dollars now could cost you a few thousand dollars in the future. For a few hundred dollars, the survey will disclose the position of structures and improvements on the property in relation to the lot lines of the property. Translation – the survey will disclose if fences, walls, buildings, pools, sheds, driveways, porches, decks, etc. cross over building restriction lines or boundary lines.
It is far better to know before you go to the settlement of your property if there are survey issues that need to be discussed or negotiated with the current owner/seller of the property. Maybe a fence encroaches so far onto the neighboring property that you will require the seller to move the fence before you purchase the property. Maybe the shed that you fell in love with when you saw the property straddles the property line of the rear neighbor – and maybe, someday, that neighbor will try to claim it as his. Maybe that driveway that the seller represented as his is actually shared with the neighbor next door.
All of these potential scenarios can and do happen. These survey issues are best discovered, and dealt with, before closing. I think a few hundred dollars is worth the knowledge upfront. Anyone disagree?
Looking for more information? These blogs might interest you:
- 7 Reasons Why Every Home Buyer Needs Owner's Title Insurance
- 8 Reasons People may be Stalling on Buying a Home
- 4 Things Sellers Should do to Prepare for a Home Appraisal
*This advertising offers a brief description of insurance coverages, products and services and is meant for informational purposes only. Actual coverages may vary by state, company or locality. You may not be eligible for all of the insurance products, coverages or services described in this advertising. For exact terms, conditions, exclusions, and limitations, please contact a title insurance company authorized to do business in your location.
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