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If it is a lot with just four corners, there may be markers (pipes) at the four corners. Scout around for those. If all the built elements are in agreement with where those markers are, I'd say that you could pass on the survey if you need to save money.
Survey, for sure.
Learn about any encroachments while they are the other guy's problem.
After you buy, they become yours along with any other issues that a survey may discover.
We purchased our home with cash. From what was explained to me by the closing attorney, the title company would not issue title insurance without a survey. With no title insurance, if an issue came up on title in the future, we would be on our own when it came to clearing the title, if we wanted to sell or if someone claimed any sort of ownership of our property.
Thanks everyone! Bbronston- so I don't have to go through the title company? Attorney said the surveyor title company is backed up and we will have to wait. Closing date was 2 weeks ago. I continually asked attorney and kept geting a response that sellers have a survey. Was not true. Is there any difference in going w surveyor title company uses or can I get my own survey done? Thx!
Thanks everyone! Bbronston- so I don't have to go through the title company? Attorney said the surveyor title company is backed up and we will have to wait. Closing date was 2 weeks ago. I continually asked attorney and kept geting a response that sellers have a survey. Was not true. Is there any difference in going w surveyor title company uses or can I get my own survey done? Thx!
Get your own survey performed.
As long as you use a licensed land surveyor who seals it, you will have a good document.
You may pay more or less, as the Title company may get their work done at a special rate, and may or may not pass on the survey with a markup.
I own a couple houses in NJ but also nearly purchased in NYC a few years back, and we never get surveys. If there were something you were really concerned about, fine, but if you're going to move forward with the purchase regardless of whether you own a couple extra feet or a couple fewer feet around the edges, then what's the point?
You're paying $1,000 now to avoid paying $1,000 at a later date (if, for example, a dispute arises). Seems to me like a poor business decision- 100% chance of paying $1,000 now vs a less-than-100% chance of paying $1,000 at an unidentified date in the future, and either way you're buying the place.
Now, if you had said "if it turns out that the rotting fence belongs to me, then I'm going to take $3,000 off the price" or "if the survey shows that my driveway encroaches on the neighbors property, I'm walking", then fine- these are reasons to get the survey done. But if you're doing the transaction either way, I just don't see a thousand dollars worth of benefit accruing to you. I would personally save the $1,000 and spend it on the move.
Maybe 15 years ago a healthcare organization in the area was purchased by Kaiser. After the purchase Kaiser consolidated some medical buildings, selling off an aging 20,000 square foot two story property. An investor bought the property and gutted it making it more of a shell building. They had plans to develop the site. The hospital I work for ended up making the investor a deal and we acquired the building. After our contractor built out the space we moved into the building, moving several departments and renting space to a couple organizations. After a couple years of owning the building the city sent us a request to maintain the parking lot. We called the city and informed them that the parking lot was in great condition. They informed us that they were not talking about the parking lot behind the building that was part of the property. They were talking about the parking lot across the street from us that had been neglected and was in disrepair.
It turns out that the defunct healthcare organization had owned the lot. When Kaiser acquired the healthcare organization and all their properties they sold off some of the property, including the building we had bought. No one had ever informed anyone about the small 80feet X 60feet lot across the street. No one had looked into it. The only record was on the county records site. We even had a COO that mentioned if someone had known during the transaction they could have seperated the properties and sold off the small lot, without anyone knowing it. Chances are if Kaiser had known at the time they more than likely would have sold the properties separately.
We ended up creating an employee parking lot out of the lot.
A couple that I had known got married and decided to sell each of their homes and purchase one large home. The house they bought was on a 1 acre lot. The home sat next to a 1/2 acre lot that was not developed. After living there for a year they decided to ask about the lot. No one seemed to know who owned it. They wanted to buy it and combine it with their lot. They ended up going to the county to check and found to their surprise that they owned the lot.
Sadly after 7 years of marriage they divorced and sold off the home, ending a 6 year tradition of having some amazing parties at that home and a once a year summer blow out. The property had a large pool, tennis court, lots of space to have fun. It was always a blast up there.
I realize that these are both unusual stories where both parties lucked out. My thought though is I would want to know what I was buying. In my area the lots are not that large. Our home is on a 100' X 60' lot. It is marked at the sidewalk with a stamped X showing where the property line starts. Kind of hard for us not to know what we own. Then again if you are talking about a small area that you probably will not build on, will it matter in the long run?
SOON2BSUNRISE and everyone who has responded- thank you! The lot is very small and the houses are close together, but there are no fences separating the homes. There are a few drainage issues and a rock/retaining wall that needs repairing. Not sure who's wall it is. There is also a huge, massive tree sitting right in the middle of the lots. Would like to know who owns it. I guess the sellers never cared to know the answers to these questions, but I do. Think I will get the survey. thx!
Your question (to me) was already answered so I will just add that a survey will also provide you with info regarding any easements that may exist on the lot, any pipelines that might run through, etc. If you have plans to build a deck or something permanent, it's better to find out now of any limitations that might make you rethink your purchase.
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