Surveys 101

• What is a survey? A property survey is a drawing accompanied by a written report which indicates boundaries of real property along with the locations of any improvements on that property.

• Why is a survey important? Surveys detail how your property is defined in an official, legal capacity. Rather than guessing where your property lines are, you have a document that makes it clear. In order for a title insurance policy to be issued, a title company needs to know if there are any encroachments or defects to the property that will affect title insurance, therefor affecting the lender from being able to provide the home loan. 

• How do you get the survey? Most home Sellers already have the survey that they will provide to the buyer in addition to the t-47 (which states if there has been any changes to the survey). Check the Transaction desk tab on the MLS Property listing first before consulting with the Listing Agent.

• What happens if there is no survey? If there is no Survey a new one must be purchased if the Buyer is financing the house. If the buyer is paying cash then they do not need a survey, although it is still highly recommended they obtain one. During the transaction the title company will order the survey on the behalf of both the Buyer and Seller.

• How long does it take to get a survey and how much are they?They generally take 14-21 days to complete and turn into the Title company. The general cost for a survey is $400-$700.

• Who pays for the survey? That is dictated on the TREC 1-4 Contract. See below. 

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