If you have ever searched for a new home, you know it can be an emotional experience. You find a house you love and begin to picture yourself there. You can imagine where you would place your furniture and what color you would paint the walls. Then the deal falls through, leaving you crushed. There are plenty of reasons a real estate transaction could end in tears; one such reason is a land survey.
Many people assume the onus is on the seller to have this document. But why should you commission one as the buyer?
An old report could be inaccurate
Even if the seller provides a land appraisal, things may have changed since completion. The owners could have installed a fence or an addition. Perhaps they allowed their neighbors to encroach on the property line. Without a proper evaluation, you will not know where ownership begins and ends. Buyers should always hire a land surveyor to get the most up-to-date information.
Your closing could depend on a survey
Mortgage lenders will often require the home buyer to purchase title insurance. Title insurance companies, in most cases, will require an updated survey. These policies cover both the lender and the buyer. For example, if the previous owners did not pay their property taxes, title insurance will protect you from assuming that responsibility.
A land survey could reveal important information and drastically affect real estate value. This safety check provides a complete picture of what you are buying. When you go into the transaction with all the information, you will have peace of mind.