Everything You Need to Know About Property Surveys

Everything You Need to Know About Property Surveys

You found your dream home, made an offer, the inspection is finished, and now it’s time to complete the property survey before the final walk-through. Land surveys are of utmost importance when purchasing new land and if you are seeking a loan to buy a piece of property, your lender will almost certainly require that the land be surveyed. Additionally, if you are building anything new near the property line, such as a fence or a shed, having a survey done can keep you out of expensive legal trouble. The reasoning is simple: you need to make sure that what you think you’re buying is actually what you’re buying.

Contact several local surveying firms to get cost estimates. Have your deed ready and explain the reason why you need a survey and any other concerns you might have. Compare the estimates from the surveyors you contacted or former surveys done on the land. Good surveying firms will do their research before providing a bid. Make sure that they’ve checked for any previous surveys done on your property by government offices or private surveyors. Finally, select a surveyor. When you’re happy with a company’s bid, sign the contract included with the bid and return it to the company.

Research is the first step and allows the land surveyor to gather written and verbal evidence that is relative to the survey. The surveyor then takes the evidence found in research and uses that to conduct his field operations. In this phase, the land surveyor locates physical objects on the subject property and adjacent properties to compare to written and verbal evidence. Surveyor’s will gather evidence about the property he or she is surveying and those that adjoin it by looking at land deeds, recorded surveys, subdivision plats, recorded mortgages, topographic maps, tax records, wills, original field notes, records from other surveyors, possession evidence on the tract, verbal evidence, and court records.

Next, surveyors will go into the field gather horizontal and sometimes vertical data of physical objects on the subject property and adjoiners for comparison to researched data. They are looking for evidence of things such as fence, yard lines, driveways, roads, wells, etc. – basically anything that stands out and doesn’t match what was expected to be found. Finally, once fieldwork is completed, they will draft a drawing that shows the subject property and a legal description of the property. A written opinion including any issues that may have been found will be provided.

Whether you are selling your property or about to purchase property, having a current land survey on file will give you confidence that a proper survey has been completed and will greatly improve the marketability of your home. Whether you are buying a new home or looking to refinance your current home, you can trust Fairway Independent Mortgage of the Carolinas to make your home loan as stress-free as possible. Call one of our offices today or simply fill out our online application to get started.

No Comments

Post A Comment

Are you currently working with a Fairway Mortgage Planner?

Yes No

Do you know how much home you can afford? Take the first step by getting pre-approved here for FREE!

Click Here