Many lenders no longer require a survey. While most Realtors and closing attorneys recommend them, cash strapped buyers often opt not to purchase a survey. This is NOT the place to save money.
You will get the accurate boundary of your property as well as learn of any encroachments or undisclosed easements.
Here is another reason to get a survey: The title insurance you buy may only cover the lender unless you ask your closing attorney to include title insurance for the buyer. In other words....if there is a title dispute you could be on your own. Please get a survey when purchasing property!
An example at how wrong things can go with no survey:
While touring a property with a client, we noticed a fairly recently built building near by with a condemned sign on it. The property we toured was appealing to my client, so of course, she wanted to know what the issue was with the condemned building.
My inquiries turned up the fact the duplex had been built in the Duke Power easement.
How could that have happened? NO SURVEY!
No one ever lived in the property. It will now have to be moved or torn down.
How it got a building permit and passed inspections up to completion is another story.
Get a survey! It is money well spent.
You will get the accurate boundary of your property as well as learn of any encroachments or undisclosed easements.
Here is another reason to get a survey: The title insurance you buy may only cover the lender unless you ask your closing attorney to include title insurance for the buyer. In other words....if there is a title dispute you could be on your own. Please get a survey when purchasing property!
An example at how wrong things can go with no survey:
While touring a property with a client, we noticed a fairly recently built building near by with a condemned sign on it. The property we toured was appealing to my client, so of course, she wanted to know what the issue was with the condemned building.
My inquiries turned up the fact the duplex had been built in the Duke Power easement.
How could that have happened? NO SURVEY!
No one ever lived in the property. It will now have to be moved or torn down.
How it got a building permit and passed inspections up to completion is another story.
Get a survey! It is money well spent.
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