To Survey or not to Survey
Whether you're a first-time homebuyer or an experienced investor, purchasing a home can be a complex process with many moving parts. One critical component of the home-buying process is obtaining a survey of the property. While surveys are not always required, they can provide valuable information for buyers, potentially saving them time, money, and headaches down the road. In this article, we'll explore the benefits of obtaining a survey during a home purchase and when it might be necessary.
What is a Survey?
A survey is a detailed map or drawing of a property that shows its boundaries, structures, and features. A survey can reveal important information about a property, such as its exact size and location, any easements or encroachments on the property, and any zoning or building code violations. Surveys are typically conducted by licensed surveyors and can cost anywhere from a few hundred to a few thousand dollars, depending on the size and complexity of the property.
Benefits of Obtaining a Survey
There are several benefits to obtaining a survey during a home purchase, including:
Identifying Property Lines: A survey can confirm the exact location of the property lines, which is essential for avoiding disputes with neighbors or local authorities.
Revealing Easements or Encroachments: A survey can show any easements or encroachments on the property, such as a utility easement or a neighbor's fence that extends onto the property. This information can be critical when it comes to planning future improvements or renovations.
Discovering Zoning or Building Code Violations: A survey can reveal any zoning or building code violations on the property, such as unpermitted additions or structures. These violations can be costly to remedy and may even prevent the buyer from obtaining financing.
Protecting the Buyer's Investment: By obtaining a survey, the buyer can ensure that they are purchasing a property with clear boundaries and no significant issues that could jeopardize their investment.
When is a Survey Necessary?
While surveys are not always required during a home purchase, there are situations where they may be necessary. For example:
Property Disputes: If there is a dispute with a neighbor over property lines, obtaining a survey can help resolve the issue.
Lenders or Insurance Companies Require It: Some lenders or insurance companies may require a survey as a condition of the loan or policy.
Future Improvements or Development: If the buyer plans to make significant improvements to the property or develop it, a survey may be necessary to obtain the required permits.
Older Properties: Older properties may have outdated or incomplete surveys, making it necessary to obtain a new survey.
Conclusion
Obtaining a survey during a home purchase can provide valuable information for buyers, potentially saving them time, money, and headaches down the road. While surveys are not always required, they can help buyers avoid property disputes, identify zoning or building code violations, and protect their investment. If you're considering purchasing a home, talk to your real estate agent and attorney about whether a survey is necessary in your situation.
If you are involved in a real estate transaction, it is also important to consult with an attorney who specializes in real estate law to ensure that your rights and interests are protected. At AllenYLaw we have years of experience in dealing with real estate transactions and have seen it all. Contact Allen Yusufov today at (732) 874-1479 or allen@allenylaw.com for expert representation backed by years and thousands of transactions worth of experience.