Here’s why property surveys are so important in real estate contracts.
Today’s topic is property surveys—what you need to know about them, and what the boundaries surrounding them and other annotations mean. In a home sale contract, there are three paragraphs dedicated to the survey that contain three choices buyers have regarding it. I’ll talk about each of these choices and what the survey represents. To start, a survey shows the boundaries of a property and any improvements that have been made.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
0:41—Option No. 1: Reuse the seller’s survey
2:22—Option No. 2: Pay for a new survey
2:32—Option No. 3: Have the seller pay for a new survey
3:05—What’s on a survey and why it’s important
4:04—What to look for on your survey
5:02—Other survey issues and topics
6:18—Wrapping things up
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.