If you are buying a house, you may be surprised to see all the extra charges that go with your closing and into the purchase process. On top of that large home loan you may be getting, thousands of dollars in closing costs may seem unpalatable, and many buyers start to cut corners, seeing which charges can be eliminated.
Do Not Neglect the Survey
Many buyers understand the value of title insurance and inspections and understand that taxes are out of everyone’s control. One place that many buyers choose to cut corners is with the survey. It seems like an unnecessary expense; however, the upfront fee can eliminate potential hidden costs and/or fees later down the line.
Many lenders will require a survey in order to fund a home loan, but in some cases, a survey that has been done recently may be able to be used again, avoiding the need for a new one. Still, expenses for surveys should not be neglected and/or avoided, and even if one is not required, buyers should seriously think about obtaining a new one to ensure accurate up-to-date information regarding the subject property.
The Benefits of Surveys
A survey can have benefits that you may not realize. By clearly defining the boundaries of your property, you may be able to avoid serious and costly headaches (and possibly legal action) during your time of ownership.
If you want to erect a fence, or anything that will surround and enclose your property, a survey can make sure that you are not encroaching on anyone else’s property, even slightly. Conversely, it can make sure that an inconsiderate neighbor does not build (or has not already built) anything that encroaches on your property. Most municipalities will require a Survey of the property for their review before providing and approving permits for home projects such as a fence or pool.
Surveys can also reveal the existence of easements. Easements are swaths of your property that can be used by someone else. Commonly, they are used by utilities—for example, the local power company may have an easement to put a power box on your land, or just to traverse your property to do their work.
Many utility easements may exist underground. Having pipes or cable lines underground in the same place that you intend to build a pool later on can be a real problem.
Some easements may not be so obvious. For example, someone who does not have road access to his or her property may have an easement over yours to get to his or her home. Some properties that abut the ocean, rivers, or lakes may have a public easement allowing people to walk through the property to reach the water.
Avoiding Code Violations
Surveys can also help a homeowner avoid costly code violations. We tend to think that only inspections reveal code violations, but surveys can, as well. They can reveal mandatory setback limits or government owned property on which the prior owner has built something.
Surveys can also reveal whether certain structures are your responsibility to maintain. For example, walls, docks, or other structures, which may need constant and costly upkeep, may be your responsibility if they are on your property.
Surveys directly impact the ability to deliver marketable title. Many defects uncovered by surveys must be fixed before good title can be delivered, especially if they constitute code violations.
Do not close on new property without qualified real estate lawyers by your side. Whether you are a buyer or seller, contact Agnes Rybar LLC, to make sure you are protected when making such a significant purchase or sale.
Recent Comments