Why Home Buyers Should Not Skip Getting a Survey
Posted 04-08-2018 at 04:07 PM by Sunshine Rules
The survey. Buyers often indicate they would rather use the seller's "old" survey or, if paying cash, skip getting a survey to save some money.
Here's why I consider that a huge mistake. A survey shows you where the property lines are, the easements tied to the property (such as utility and HOA), where the building set back lines are per municipal code, if the property is located within a designated flood zone and one of the most important items, if there are encroachments.
Encroachments come in all shapes and sizes and consist of a property improvement that crosses or protrudes over an established line, such as a neighbor’s property line or an established building setback line. Purchasing property subject to an encroachment means you are aware of the encroachment and willing to assume any risk associated with it. Some encroachments are minor, such as a meandering wooden fence on the property line. Other encroachments are much more serious, such as the home foundation or perhaps pool encroaching into a municipal or HOA set back line.
Seller provided copies of surveys do not document anything done to or near the property since that survey was done. And municipal codes / setbacks may have changed over time as well. If there are one or more errors on the survey that create a costly problem for a new homeowner, the new homeowner would have no recourse with the surveyor as it was certified only to the previous homeowner.
Not getting a survey will impact what is covered by your title insurance policy as well. When you elect not to purchase a survey, not only are you purchasing property blind, but the title coverage you are purchasing has a huge exception for anything and everything that would have been revealed by a survey.
The biggest benefit of property surveys is protecting your investment. Without a new survey, you may run into costly issues and disputes down the road.
Here's why I consider that a huge mistake. A survey shows you where the property lines are, the easements tied to the property (such as utility and HOA), where the building set back lines are per municipal code, if the property is located within a designated flood zone and one of the most important items, if there are encroachments.
Encroachments come in all shapes and sizes and consist of a property improvement that crosses or protrudes over an established line, such as a neighbor’s property line or an established building setback line. Purchasing property subject to an encroachment means you are aware of the encroachment and willing to assume any risk associated with it. Some encroachments are minor, such as a meandering wooden fence on the property line. Other encroachments are much more serious, such as the home foundation or perhaps pool encroaching into a municipal or HOA set back line.
Seller provided copies of surveys do not document anything done to or near the property since that survey was done. And municipal codes / setbacks may have changed over time as well. If there are one or more errors on the survey that create a costly problem for a new homeowner, the new homeowner would have no recourse with the surveyor as it was certified only to the previous homeowner.
Not getting a survey will impact what is covered by your title insurance policy as well. When you elect not to purchase a survey, not only are you purchasing property blind, but the title coverage you are purchasing has a huge exception for anything and everything that would have been revealed by a survey.
The biggest benefit of property surveys is protecting your investment. Without a new survey, you may run into costly issues and disputes down the road.
