Real Estate Topics - Do I Need A Survery

Real Estate Topics
Do I Need A Survey?

A survey performs the following functions:

Identifies and physically marks the boundary of the parcel.
Indicates whether there are any “encroachments”, either from the subject property onto an adjoining parcel, or from the adjoining parcel back to the subject property.
Shows the location of the house on the property and indicates that it was properly placed according to set-back requirements.
Shows easements for utilities, roads, etc.
Indicates whether the property is located within a flood plain.

You might not need a new survey if:

You can readily determine the property boundaries;** and
The Seller is willing to sign a statement that there have been no changes to the property or dwelling since the time of the last survey; and
The Lender agrees to accept a previous survey; and
The attorney can obtain Title Insurance for the Buyer.

The cost for surveying a typical city lot is $275 to $350. For large parcels, the price is higher.

**Your agent may be able to help you locate the original survey pins.