There’s a lot of research you have to do when you’re thinking of purchasing an investment as big as a home. This research is also called completing due diligence, which is a real estate term that you will learn in our next post so, keep reed-ing if you want to see a list of what your due diligence looks like when buying a home, we will be publishing a Complete Guide to Due Diligence on our blog weekly.
On the list of things associated with due diligence that you need to complete is a property survey. It may not seem like a big deal, but not doing it, and not following up with the surveyor can create some disastrous results in the near future. We can go on and on about the many terrible things that can happen if you do not do a property survey but first, let’s look at exactly what a property survey entails:
What is a Property Survey?
Surveying or Property survey is the technique and science of determining the terrestrial or three-dimensional positions of points and the distances and angles between them. You can have your property surveyed at any time, but you will most likely hire a surveyor when you’re buying a home or ready to construct.
How Does Property Survey Work?
A property surveyor will research into the property before they even look at the land. They’ll research the history of the deed and may include a title search. This title search is to make sure there are no discrepancies when it comes to who owns the land. All property surveys begin with research into legal descriptions about the land they’ll be surveying and its history.
Then, the surveyor will go out to the property and sketch out the land, its boundaries, and different elements that makes up your property. This is called the fieldwork. After surveying, they will provide a type of map detailing the property’s legal boundaries. The survey will also include a written description of the property, the street address, the location of buildings and adjacent properties, and any improvements that can be made to the land.
A property survey also includes things like right-of-ways and easements. These are elements that detail what to do with shared yards or driveways, or if your neighbor has a right of way to the street or long road between your homes.
Want to know why a Property Survey is important? We promise to educate you next week! Just keep REED-ING