Buyer Beware…You May Wish to Have a Survey

After having been pre-approved for a mortgage by your Jenny Pruitt Mortgage Representative you are ready to start the emotional and exciting home buying experience. When your real estate agent shows you that near perfect property you have been searching for it’s time to begin the process.

After your agent has helped you negotiate the best deal possible for you and the seller of the property and the sales agreement has be accepted by all parties, the real work begins. Most likely the buyer will have a home inspection performed by a home inspector to discover any glaring defects the property may have. After the lender has appraised the home and all loan requirements have been satisfied the deal should be ready to close.

Are we missing anything? Maybe. Are you quite sure where the boundary lines are located for the lot which you are purchasing? If there are fences surrounding the property, do they belong to you? Does the large 50 year old oak, which appears to be dying, belong to you are your adjoining neighbor? Are there sewer or utility easements on the property you are purchasing? If you want to make additions to your new home or build a garage do you know what the set back requirements are? Will the underground utilities allow you to build that swimming pool your family has always wanted?

The above questions can all be answered by having a reputable surveyor complete a survey on the property you are purchasing. The cost for a survey will vary from $400 and up. Most lenders do not require a survey but for the many reasons you should. If you are buying a vacant property on which you plan to build you may wish to have your surveyor provide a topography study along with the survey. This will help you decide the absolute best place to build your house or other structure.

Happy House Hunting,