It's not a legal requirement to have a survey on a property you are buying. But having a survey done could actually save you money – not to mention a lot of stress – if it uncovers an issue with the structure of the property.
Regardless of how sure you are that everything will be fine with the property, a survey should always be conducted by a professional surveyor – not a lender. Property surveys will clearly show the boundaries of the property, the lot size and property description.
Our answer is that, while you are not obliged by law to have a survey carried out, we recommend that you do. How much does a structural survey cost?
Visit your jurisdiction's building inspector or the land records office. Many jurisdictions keep surveys on file at the city building inspector's office. You can also get surveys connected with tax maps or half-section maps from the county's land records office -- usually the county assessor.
In other words, a fence should be located on a property boundary, but this is often not the case. The only way to determine the location of your boundaries is to have an identification survey performed by a licensed surveyor.
Commonly, lenders require an ALTA survey before issuing a mortgage for vacant land. Additionally, title companies sometimes require an ALTA survey before committing to issuing title insurance for vacant land. If an ALTA survey is not required by your title company or lender, however, you can choose not to get one.
Let's dig a little deeper into what different types of surveys there are and how they could help you grow your business.
- 2 Types of Survey Instruments.
- Market Research Survey.
- Employee Satisfaction Survey.
- Job Satisfaction Survey.
- Exit Interview Survey.
- Customer Satisfaction Survey.
- Brand awareness survey.
That being said, the question of who is responsible to pay the fees associated with the land survey is open to negotiation. Although it is far more common for the buyer of the property to pay for land surveys, situations may occur where the seller assumes responsibility for this expense.
Boundary (Cadastral) SurveysA Boundary Survey is a legally binding, accurate diagram of your property's boundaries. Only a Licensed Land Surveyor registered under the Surveying Act 2004 can perform a Boundary Survey (aka Cadastral Survey).
Any land survey is only as good as the information from which the conclusions are drawn. Surveyors put their professional reputation and license on the line every time they determine a boundary location. They have no reason to deliberately locate a boundary line incorrectly.
Types of land surveying
- Boundary survey. A boundary survey is used to locate boundary lines and corners of a piece of land.
- Construction survey.
- Location survey.
- Site planning survey.
- Subdivision survey.
- Topographic survey.
- Any other types?
The survey begins with the measurement, marking and mapping of the boundary lines of land ownership. The surveyor then scrutinizes the historical records of the purchased property as well as the lands around it.
Land surveying can be thought of as the science of taking big measurements. In short it is the use of geometry to measure angles and alignments. Surveyors use survey equipment to gather data can be used to help with construction projects, land development & creating accurate maps.
Land Surveys are not AppraisalsEncroachment issues should be dealt with prior to the closing. The survey will show the location of any improvements on the property, ranging from decks and patios to tool sheds.
An inspection is a general review of the physical condition of a property in preparation for the issuance of a policy of title insurance. In addition they will check for any apparent encroachments or improvements. A survey is done by a licensed surveyor with the sole purpose of locating property lines.
How To: Find Property Lines
- Check Sidewalks and Streetlights.
- Visit the Local Zoning Department.
- Retrace the Surveyor's Steps.
- Locate a Hidden Survey Pin.
- Beware of Moved Survey Pins.
- Dig Out Your Deed for Additional Info.
- Consider the Metes and Bounds Survey.
- Bring in a Professional Surveyor.
Building or full structural surveyIt's very extensive and in some circumstances worth the extra money but it does not usually include a valuation. Although this survey can't look under floorboards or behind walls it should include the surveyor's opinion on the potential for hidden defects in this area.
When buying a property with a mortgage, most providers will require that you undertake a mortgage survey before lending is approved. The sole aim of this survey is to satisfy the lender that the property you are purchasing has enough value to cover the amount they are lending you.
Homeowners report that the average land survey cost is $504. This includes the price to hire a land surveyor, which ranges from $338 and $670. The total depends on the property's history, size, location and more.
