A property survey is a document that shows your property lines. Property lines may include land, structure, and features that you legally own the land or not. A surveyor will research the property, the will research the history which may include a title search. a title search will make sure that there is no discrepancy with the land. All property surveys start with research on discrepancies and then they ketch out the land, boundary lines, and their respective dimensions, and all the different elements which make up the property. Surveys can also include past improvements, utilities, topography, and more to the property.
After the survey, they will provide you a handy little piece of paper which will include a description of the property, address, location of buildings, and adjacent properties. This paper will be a visual aid for the home buyer. This paper will clear up the questions over your boundaries.
Why a Property Survey is Important?
Property surveys are essential for sales not only for the potential buyer but also for a mortgage lender. Property surveys help to add transparency. A proper home survey can save you from making costly mistakes. It is important to complete diligence when it comes to a property survey.
Here are few property types and cases where transaction might change the direction from better to worse –
Property has some kind of hazard
An upfront property survey can save a seller to get into a deal that later unravels because of unknown factors. E.g. if the underground water channel below the building collapsed it can put the property on risk. So if the seller has the knowledge of the situations than he can have the geotechnical engineers evaluate the stability of the site and can take the recommendations.
The size recorded should be equal to the actual property size, but Sometimes neighbors accidentally construct over your boundary lines. The survey can confirm the actual boundaries and eliminate the discrepancy between land deed and current boundary. Sometimes homeowners face encroachment and unpleasant prospects.
Proper noting of the easement
Easements on property give the legal right to trespass. The owner should have an easement on a property to have the access utility line. Easements can become an issue when you don’t have your property properly documented. No home will sell without a correct deed.