|
Why do I need a survey?
Title companies require a survey in order to give you a Title Commitment (or title insurance). Most lenders will not allow you to borrow money without a Title Commitment.
The information reflected in the survey overlaps substantially with the information in the title commitment. For example, if the survey shows that fences, garages, wells, sheds, driveways or decks extended beyond the property lines, the title company will list this "encroachment" as an exception. This means that they will not cover you if you suffer damages as the owner because these structures extend onto your neighbors property.
Are you buying a fixer-upper?
If you’re buying a specific house because you plan to build an addition or install a swimming pool you need a property survey completed as a condition of the purchase agreement. The surveyor can locate the easements to make sure that the proposed addition will not interfere with an easement. Owners often landscape and build fences or decks over easements. This is risky because the improvements may have to be ripped out. Planting trees over utility easements is not a good idea because the roots may damage underground facilities. If this were to occur, the property owner may be liable for repairs.
|
