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What You Should Know about Real Estate Surveys
Manage episode 160670966 series 1041635
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Whether you’re buying a home or selling one, real estate surveys are an important part of the property assessment.
A real estate survey is the assessment of property lines performed to determine the exact amount of land that a homeowner owns. Surveys bring to light any easements or encroachments on a property that may be noted on a title of the home. It’s important to get a property survey after an offer is made (on either the buying or selling side) in order to ensure that any issues with the easements or encroachments are documented on the title and are resolved before closing.
The survey will be completed by a licensed surveying company. For buyers getting mortgage financing in Central Ohio, their lender will order the survey before closing; the buyer will not be involved in the survey process at all.
The title agent will then review the survey with the buyer’s attorney, if they have hired one, and determine whether there are any encroachments. At closing, the title agent will review the survey with the buyer and the buyer will get a copy of the survey in the paperwork that they receive at closing. It’s a good idea for the buyer to keep this document handy as a reference to address any questions about boundary lines they may have once they are an owner.
A survey is optional for buyers paying in cash; however, not completing a survey could compromise the buyer’s title policy coverage. I would advise all buyers to spend the $150 that it costs to have a survey completed in order to retain full coverage. It’s a small price to pay.
For sellers, the buyer’s lender will perform the survey before closing. You can’t and don’t need to prepare for the survey. You can expect it to occur after the appraisal and before the closing, but since this work is done on the outside, there will not be a set appointment with you for the survey. If you happen to be home at the time of the survey, please know that the survey is brief and you need not participate in it or interact with the surveyors.
If you have any other questions about real estate surveys or anything else related to real estate, please don’t hesitate to give us a call or send us an email. We’d be happy to help you!
A real estate survey is the assessment of property lines performed to determine the exact amount of land that a homeowner owns. Surveys bring to light any easements or encroachments on a property that may be noted on a title of the home. It’s important to get a property survey after an offer is made (on either the buying or selling side) in order to ensure that any issues with the easements or encroachments are documented on the title and are resolved before closing.
The survey will be completed by a licensed surveying company. For buyers getting mortgage financing in Central Ohio, their lender will order the survey before closing; the buyer will not be involved in the survey process at all.
The title agent will then review the survey with the buyer’s attorney, if they have hired one, and determine whether there are any encroachments. At closing, the title agent will review the survey with the buyer and the buyer will get a copy of the survey in the paperwork that they receive at closing. It’s a good idea for the buyer to keep this document handy as a reference to address any questions about boundary lines they may have once they are an owner.
$150 is a small price to pay for full title coverage.
A survey is optional for buyers paying in cash; however, not completing a survey could compromise the buyer’s title policy coverage. I would advise all buyers to spend the $150 that it costs to have a survey completed in order to retain full coverage. It’s a small price to pay.
For sellers, the buyer’s lender will perform the survey before closing. You can’t and don’t need to prepare for the survey. You can expect it to occur after the appraisal and before the closing, but since this work is done on the outside, there will not be a set appointment with you for the survey. If you happen to be home at the time of the survey, please know that the survey is brief and you need not participate in it or interact with the surveyors.
If you have any other questions about real estate surveys or anything else related to real estate, please don’t hesitate to give us a call or send us an email. We’d be happy to help you!
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