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If you are financing the property, I almost guarantee a survey will be required. If you are paying cash, a survey is not required but highly suggested.
Thank you. I apologize for not making it clear before. Its a one floor cbs villa similar to a duplex,and has a small yard. If my offer is accepted, I'll be buying one side, and will be a cash buy. Are surveys done to take measurements of the inside and the outside of the property, or just the outside?
Surveys make the boundaries of a property. An appraisal will measure the dimensions of the house. You probably want a survey to be sure where the yard is divided.
I would never buy any piece of property without a survey. The 'common wall' is the easy side. Where are the corners on the other side of the property? (and don't trust landscaping or fence lines without having the official surveyed corners :-))
I don't understand why people want to spend hundreds of thousands of dollars on houses but balk at a $400 survey or a $300 home inspection. Those things are for your protection and information!
I would say "it depends". A survey is not a requirement if you're paying cash, but you may want to get one if you are not certain of the property boundaries. If it's a long-established fenced lot, there may be little need for a survey. It really depends upon whether there might be possible encroachments or if you're concerned about the accuracy of the present conditions. I've bought several older city parcels without benefit of a survey but I've usually had them done on larger, more rural properties where the property lines weren't clearly demarcated.
EDIT: Your title insurance policy may require a recent survey for full protection. Pay attention to the listed exceptions.
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