A survey is a vital part of due
diligence conducted during the home buying process. A title search will identify what easements
and liens may affect a property. A title
search, however, does not identify what is actually on the ground. Is the fence actually on the boarder? Is the shed within the property bounds? Only a survey prepared by a licensed land
surveyor can identify the location of the boundaries, structures and easements
affecting the property. In the event
there is a problem such as an encroachment, you can require the seller to correct it or walk away
from the transaction prior to closing.
Here is
an example of why a survey is so important:
You buy a property. The title
search does not identify anything out of the ordinary. You do not get a survey. After closing, your new neighbor tells you
that your driveway encroaches onto his property. You call the title insurance company to defend the
claim, but the title insurance company has excluded it from coverage because it would
have shown up on a survey. You are then
left to defend the location of your driveway (at your expense) and/or
relocating the driveway to cure the encroachment (also at your expense).
Had you
obtained a survey prior to closing, you could have made the seller correct the
issue or you could have terminated the transaction saving you both money and
the headache that comes with title issues.
Buying
or selling a home? Call Elizabeth K.
Cassidy today at 845-987-7223 to discuss your needs.
