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Old 05-20-2010, 12:48 AM
 
Location: NJ
171 posts, read 371,855 times
Reputation: 41

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I've been reading about survey all day but wasn't sure if I need it or not.

The lender states that they don't need the survey to close the loan. It cost $375. It's a brand new townhouse in a 6 unit building. For all I can understand, the boundaries for the townhouse is very clear so there is no need to mark them. Pretty much everything surrounding the lot is the common area that HOA takes care of. So can anyone tell me what are the benefits in getting a survey done? Or more so, what are the possible consequences if I don't do the survey? Thanks.
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Old 05-20-2010, 12:55 AM
Status: "The man likes to play chess; let's get him some rocks. Red" (set 6 days ago)
 
Location: Dallas/Fort Worth, Texas
3,973 posts, read 9,413,706 times
Reputation: 2219
Easements, building lines and fence placement are the issues what come to mind. If you are in a possible flood zone that would show up on a survey too. If it is brand new, the builder should have a copy anyway and it will be more detailed as it will show the grading and drainage.

Naima
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Old 05-20-2010, 10:05 AM
 
Location: Austin
4,453 posts, read 8,405,069 times
Reputation: 3594
Lenders don't generally ask for a survey for a requirement on townhouses and condos so it's not uncommon that they don't need one either.
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Old 05-21-2010, 09:11 AM
 
1,465 posts, read 2,817,865 times
Reputation: 794
Can you go to the local city office? I have done that and the guy (he happened to be in Building and Safety) happily pulled the plans and we reviewed them on the counter. Total charge, zero.
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Old 05-21-2010, 07:09 PM
 
Location: Cary, NC
19,697 posts, read 31,496,365 times
Reputation: 16794
When I buy property, I want that licensed surveyor to hang his license on the opinions expressed in the professional representation he makes to me about the conditions of my property.
If someone gives me the builder's survey, or the previous owner's survey, neither one of those documents has the weight of representation to me from that licensed surveyor.

Before you own is the time to have any issues resolved. And too many of them crop up in new construction to ignore the opportunity to survey prior to owning.
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Old 05-23-2010, 10:34 AM
 
Location: Northern, VA
980 posts, read 2,079,299 times
Reputation: 521
I couldn't agree more. To the OP, I think the peace of mind is worth spending the $375 for the survey.

Quote:
Originally Posted by MikeJaquish View Post
When I buy property, I want that licensed surveyor to hang his license on the opinions expressed in the professional representation he makes to me about the conditions of my property.
If someone gives me the builder's survey, or the previous owner's survey, neither one of those documents has the weight of representation to me from that licensed surveyor.

Before you own is the time to have any issues resolved. And too many of them crop up in new construction to ignore the opportunity to survey prior to owning.
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Old 05-23-2010, 10:52 AM
 
Location: MID ATLANTIC
4,032 posts, read 8,732,468 times
Reputation: 3042
Are you closing at the builder's settlement company? You may not have a choice about getting one anyway. It's common practice here for the buyer to pay for the survey used to obtain the final occupancy permit (just a name change for closing). I think most of the big builders in our area even have this in their contract. The buyer paying the grantor's tax (a seller fee in our state), is another pass-thru (in the contract). Read your contract thoroughly.
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