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"The survey will not be done until the end of the due diligence period. The buyer is waiting on the go ahead from you to get the survey. This is how all sellers do this.
The property has not been on the market before to my knowledge.
Isn't it part of the due diligence to discover things like what the boundaries of the property are and If their are any easements?
Are you suggesting that I wait until closing or after I can no longer get my earnest deposit to find out where the boundaries are and if their or any easements to the property?
I was not given me a plat or survey that shows me the boundaries and when you and I walked the property we did not find the boundary lines.
I was called and found the local surveyor who last surveyed the property and found that the last survey was done in 1996. It has sold twice since then.
It is possible boundaries could have changed or easement exist right?
Recorded easements and plat maps should be part of what is provided to you at the start, yes.
If the realtors didn't give them to you, then they might be in the big packet of stuff the title company sends you when you open title, or the county should have maps on file. You should know 'about' where the property lines are, even if a new survey hasn't been done yet.
"The survey will not be done until the end of the due diligence period. The buyer is waiting on the go ahead from you to get the survey. This is how all sellers do this.
The property has not been on the market before to my knowledge.
Thanks "
You mean the Seller is waiting on the go ahead from you, the buyer? Why - aren't YOU paying for the survey? So give him the go-ahead and pay for the survey.
the first question would be - what does the contract and any disclosures say?
Now, in this case where it's undeveloped land .... yes, I would generally want that before the end of due diligence, since you make it sound like you have no idea off the dimensions/location of boundaries. In my market for single family home, established neighborhood, regular-shaped lot, then a survey after due diligence but before closing is OK. Because so long as you get it done, the Seller is responsible for any problems found.
The last survey was done in 1996 (before the seller owned the land). Using the plat given to me by my agent and the earth map on the tax assessors website I walked the wooded property. I could not find all the boundary pins.
A couple of days ago,I wrote an amendment to the purchase agreement so the price is a little less (what I wanted originally) but I pay for the survey. The seller wasn't happy but signed and today is the last day of due diligence.
Now, I will have a survey done; and as I understand it I have to find a closing attorney.
My agent tells me if the survey does not measure out to the description in the title, then everything comes to a stop and I get my earnest money back.
Also, will the closing attorney arrange all the legal matters or does the buyers agent (not real helpful so far) coordinate any of this?
It's nerve racking wondering what I need to do. Who finds a title company to do a search also,I want to purchase title insurance.
I'm going to pay for the property in full at closing so will not be carrying a loan.
we're not allowed to/supposed to practice law, so an attorney or title agent handles the legal matters and the title search/policy. Whether it's an attorney or a title agent, that depends on your market.
Survey should be a completely different part of your contract. There should be a time frame to get the survey, and also ways to terminate the contract if the survey says things you weren't expecting. This is all different from your "due diligence" period.
And much of the research you are doing is exactly why you have a due diligence period. It's so YOU, the buyer, can determine the facts of the situation and make sure you're ok with it all. Your agent can't be the one finding things out for you because then it's 3rd party information and could be interpreted wrong. You, the buyer, need to hear info straight from the horses' mouth.
Survey should be a completely different part of your contract. There should be a time frame to get the survey, and also ways to terminate the contract if the survey says things you weren't expecting. This is all different from your "due diligence" period.
And much of the research you are doing is exactly why you have a due diligence period. It's so YOU, the buyer, can determine the facts of the situation and make sure you're ok with it all. Your agent can't be the one finding things out for you because then it's 3rd party information and could be interpreted wrong. You, the buyer, need to hear info straight from the horses' mouth.
I've called the county tax assessors, planning and zoning, local state forestry commission, surveyors, etc.
I get the impression from them that most sellers don't do this much work; I assume the transaction is less burdensome on them but I am apprehensive about things coming back to haunt after closing.
I don't want any unpleasant or expensive surprises.
Oh to the earlier question about the disclosures:
The seller selected 'I don't know' to all the questions on the contract form. His agent commented that he bought the property from the sheriff tax sale and has never seen the property or had any tests done.
I appreciate everyone's feedback
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