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For heaven's sake have a surveyor some out and set the corners of your property. Ask the builder what surveyor they used and that way your costs should be modest for that surveyor to verify and set markers.
Actually the builder has set the corner/markers of the property.
But the builder did not provide any paper work regarding the survey.
Yes. I will check with the realtor and builder agent regarding the surveyor and the survey results.
The title company will require a survey as part of the closing docs. Also, the builder should pay for the survey.
Wrong on both counts, at least in the OP's market area.
1. There is no title company. And no survey requirement. The closing attorney will just insure title with an exception for any deficiencies that a survey would have uncovered.
2. The Buyer should engage and plan to pay an independent surveyor, or have the closing attorney engage an independent surveyor as part of the closing arrangements.
Wrong on both counts, at least in the OP's market area.
1. There is no title company. And no survey requirement. The closing attorney will just insure title with an exception for any deficiencies that a survey would have uncovered.
2. The Buyer should engage and plan to pay an independent surveyor, or have the closing attorney engage an independent surveyor as part of the closing arrangements.
I am in SC.
It is the independent closing attorney that I am planning to hire is requesting me to get the survey done with a licensed surveyor.
It is the independent closing attorney that I am planning to hire is requesting me to get the survey done with a licensed surveyor.
Survey isn't required in SC. I assume this is a production builder in a neighborhood from you comments. Survey likely won't turn up anything of interest but it's a good way to ensure your home is within the lot boundaries and set back lines. It will also show any easements on your lot. Recommended but not required. Certainly have a home inspector. If you have an agent get them to help you. If you're buying without an agent don't do that again.
Survey isn't required in SC. I assume this is a production builder in a neighborhood from you comments. Survey likely won't turn up anything of interest but it's a good way to ensure your home is within the lot boundaries and set back lines. It will also show any easements on your lot. Recommended but not required. Certainly have a home inspector. If you have an agent get them to help you. If you're buying without an agent don't do that again.
I am buying it using the real estate agent.
Do you think it is a good idea to use the real estate agent's help to hire a licensed surveyor and home inspector or would I need to find a good one on my own.
When I asked my opinion on the need for the home inspector, the real estate agent sounded as it is waste of money to hire the services of the home inspector.
Survey isn't required in SC. I assume this is a production builder in a neighborhood from you comments. Survey likely won't turn up anything of interest but it's a good way to ensure your home is within the lot boundaries and set back lines. It will also show any easements on your lot. Recommended but not required. Certainly have a home inspector. If you have an agent get them to help you. If you're buying without an agent don't do that again.
Though the builder is involved in production buildings...
This case is little different in the sense... I looked around for vacant lots in the neighborhood with the help of real estate agent and then had the builder buy the lot and build it but the purchase contract (pre-construction contract) is carried out as a whole package....
You said, "I am buying it using THE real estate agent." By that, I assume you to mean the BUILDER's agent. Yeah, so there's no one advocating for you - the agent's fiduciary responsibility lies with and to the builder. Now, an attorney - is it YOUR attorney or the builder's attorney? Again, fiduciary duty.
I think it is a real good idea to have the property surveyed - sounds like you might have your own attorney - good plan. As for title insurance, just because it isn't required for/by the mortgagor, it is a good idea to have an OWNER's policy; so I suggest you insist upon that. The cost is minimal, paid only at time of purchase (no ongoing yearly payments), and is well worth it. Because you are having the property surveyed per advice of your attorney, do not allow for an exception for survey. Discuss this with YOUR attorney.
You said, "I am buying it using THE real estate agent." By that, I assume you to mean the BUILDER's agent. .
To clarify, "By the real estate agent" I meant the realtor who worked with me to identify the builder / lot etc., There is also another builder's agent that me and my realtor are working with
I think it is a real good idea to have the property surveyed - sounds like you might have your own attorney - good plan. As for title insurance, just because it isn't required for/by the mortgagor, it is a good idea to have an OWNER's policy; so I suggest you insist upon that. The cost is minimal, paid only at time of purchase (no ongoing yearly payments), and is well worth it. Because you are having the property surveyed per advice of your attorney, do not allow for an exception for survey. Discuss this with YOUR attorney.
Yes, to be safe than sorry
a. I am planning to go with an independent attorney
b. Have the property surveyed by an licensed surveyor
c. Get the home inspected by professional home inspector during pre-drywall and during closing...
d. Get owner's title insurance in addition to the lender's title insurance
Is there any other risk mitigation activities I would need to think through
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