Understanding Land Surveys
When you are in the process of purchasing a home, a survey is often conducted. A survey determines precise property lines, and discovers any possible neighbor encroachments on the property, enabling the buyer to understand the exact property being purchased.
Land surveys are conducted by surveyors who consult the property’s deed, and then walk the land, taking measurements and creating a “map” of the property.
What It Looks Like
Your survey looks sort of like an overhead map of your property. It will show an outline of the property boundaries along with geographic (latitude and longitude) coordinates, directional markers, streets and street names.
Some surveys may include rough drawings of structures on the property, such as homes, fences, pools or outbuildings.
Why Get a Survey
A survey confirms you are purchasing the property you think you are. It describes the legal size and area of the property — you’ll want to ensure that what you’re paying for lines up with what the survey indicates.
A survey helps you understand where your property ends and where your neighbor’s begins. It can alert you to potentially troubling aspects such as easement or right-of-way issues. It will show information about a floodplain, if such information is relevant.
In addition to bringing you, the buyer, peace of mind, a survey is often required by mortgage companies, so that they have a full and legal understanding of the property they are financing.
The Good News
A survey can cost anywhere from $300 to $800, which can be a hard pill to swallow on top of all the other fees associated with purchasing a home. However, if you’re lucky, a survey of your intended property already exists, and you won’t have to pay for a new one. Be sure to have your agent ask the seller’s agent for information about an existing survey.
Either way, be sure to work with Swanson Realty Group to determine whether having a survey completed makes sense for the property you are considering purchasing.
