When purchasing real estate, one of the most crucial things a buyer can do is to have the property surveyed. A survey is a precise map of the land that establishes the property lines, improvements, and any encroachments or easements. This information is critical for the buyer to know for certain the exact dimensions of the property being acquired.
When a property has never had a survey, it is difficult for the title closing agent or attorney to provide an accurate and complete description of the property which would be executed by the seller at the time of closing. At times, when surveys are not completed on a parcel of real estate, after the closing of the transaction, it could lead to lawsuits by an adjoining neighbor.
There is a misconception that tax maps are surveys, and they are not. Tax maps are generated from assessor data and are not a survey of real estate, and are used to calculate property taxes and should not be relied upon when selling a property to a buyer. Tax maps may not reflect the actual borders and improvements of the property, nor may they reveal any encroachments or easements on the land.
A survey is the only method to verify that the buyer receives an accurate and detailed description of the property. A survey also offers tangible marks on the land that may be used to validate the property's borders, which might be useful in the event of any future disputes or concerns. A survey should be recorded in the public records where the property is located, which means that anybody interested in the property, including potential purchasers and lenders, may have access to that survey. Giving clear and precise documentation of the property's borders and renovations can also assist to safeguard the buyer's investment.
In conclusion, a survey is a vital tool for every buyer when acquiring real estate. It gives a clear and precise description of the property, aids in the avoidance of objectionable matters relating to the description of the property, and assures that the buyer receives exactly what they pay for. If you are in the process of purchasing real estate, invest in a survey to protect your investment. It is a tiny price to pay in comparison to the potential problems later after your investment in your real estate!