Basics of Property Survey
A property survey generally includes a written description of the property. It also includes the lot size by showing the boundary of a particular property. Property surveys are more like a map, which is created during the construction of the house and is provided to the buyer. In case of older houses, the survey cannot always be found. Often a copy is stored at the city planning department, but, it is not sure that you will always find it there.
Surveys dictate easements and right-of-ways. The first one indicates in detail the right of other parties to access certain point of your property for different purposes (hydro or telephone services). And the later term, easements, indicates a right assigned to the property, forever. Besides, surveys also point out to problems like overhanging roofs or a fence outside the boundary line. Upon finding such issues, the buyer preserves the right to demand a fix from the seller.
When you are willing to buy a home, you might be thinking about an up-to-date survey. You had better have a survey done beforehand as your lender may ask to see one before sanctioning a loan. Soon, buying Title insurance can be necessary for all kinds of property purchases. So, it is likely that your lawyer will insist you to have one. If you are going to own a condo, there is no need for a survey – the condo corporation will primarily have the position of the land, not you. However, find out if it is mandatory to be preapproved for a mortgage before you buy, which is an important thing to consider even before you start home hunt.
When making upgrade or improvement, like: a deck, a fence, a pool, or any other extensions, a survey is must. It could be that many changes have been made after the last survey was done. So the older survey won’t get enough value in the real estate market; however, it may work out fine for any temporary fixations.
However, if there is an opening for any kind of transaction, you can’t proceed without a survey. If this is the case, Title insurance can be satisfactory for your lender. So, discuss with your real estate lender and settle it before you buy the property. The other things to be considered are when the last survey was done and what changes were implemented since then. In the Agreement of Purchase and Sale, it should be mentioned clearly who will be paying for the cost of the survey.