Do I Really Need a Property Survey?

When working with our buyers, one of the most common questions I get in the real estate business is, “What is a survey and do I really need one?” It is not one of those items you want to take lightly since it can have a profound impact on the future of your property and bank account.  

What is a survey?

A survey is a sketch or drawing that shows the boundaries of the property you are purchasing. It generally includes the dimensions of the house, patio, driveways, decks, sheds, or any additions as well as the locations of fences and any easements or rights of way (electrical, drainage, sewage). It also shows if the house is in a federally regulated floodplain.

Why would you ever need a survey?

There could be encroachments on your property that could cause a big headache down the road. An encroachment is defined as an “intrusion on a person's territory, rights, etc.”  If a neighbor has built a fence, put an outdoor structure, etc. on your property line, you will want to know this before purchasing the home. It will impact you when you go to sell the house AND even that neighbor who is encroaching when they want to sell their home.  If you want to put up a fence, the fence company will want a copy of a survey before they do the work. If the fence is not put in the correct location to begin with, it can be a financial burden to fix that mistake years later. It can also cause tension and bad vibes with neighbors---now we don’t want that at all!

A survey defines exactly what you are buying. Just because the back yard is fenced in, doesn’t mean that you own everything inside the fence. To some homeowner’s surprise, it may take years to realize that their neighbor’s fence was inside their yard, their own fence is outside the property lines, their house is over the property line, they do not own the driveway, etc.

If you wish to divide your property and give it to a family member, or sell it for profit, a survey will let you know what regulations may affect your plans. Many counties and cities have restrictions on dividing property. A local surveyor will know these regulations and guide you through the process. The survey also helps to ensure the correct legal description is listed for the property.

What about new construction?

Sometimes builders will provide a copy of a survey for free or for a small fee on new construction homes. If they do not provide one, you will want to get a survey done. Builders can make mistakes and once the property is deeded into your name, it is your liability. My husband and I bought a new construction home 3 years ago and the pink wooden stakes are still on our property showing the boundaries. This also helps our neighbors know the boundaries for mowing the grass :) Win-win for my husband who is very particular about the lawn.

How much does a land survey cost?

A survey will help you protect your biggest investment for around $500. The closing attorney will take care of ordering the survey to be performed by a licensed and insured surveying company. You can pay for it at closing. The attorney will review the survey once it is complete to look for any encroachments or possible issues. You will be made aware of things like this prior to closing. If issues arise, you will get a copy of the survey right away. Generally if there are no red flags, you get a copy at the closing table.  An attorney will have you sign a special survey waiver if you choose not to get one. As a general rule of thumb, if they are asking for a waiver to be signed, it must be pretty darn crucial :)

In summary, it is always a good idea to get a survey. Do not try to save $500 on something that is so important. You are spending hundreds of thousands of dollars and it is your duty to protect that asset and your future.

Keri Nelson Client Care Manager

keri.welcometocarolina.com