You've been searching for your dream home for what seems like an eternity and you have finally found it. You've put in an offer and that offer was accepted. Before you start packing your bags, however, there are a few more things that need to be tended to prior to moving in.
You're probably aware that an inspection of the house needs to be done before going to closing, but many prospective home buyers don't realize that there's something else they should have done before they get the keys to their new home: A survey of the land.
What is a land survey and why is it important to have one done before buying a house? Here's a look at answers to these questions and more regarding land surveying that all house hunters should be aware of.
What is a Land Survey?
Land surveying refers to the science of pinpointing relative positions of points on, above or beneath the surface of the land, or the establishment of these points. In other words, surveying involves pinpointing the shape and size of a piece of land so that it can be properly plotted on a map.
Why is a Land Survey Important for Home Buyers?
A survey of a piece of land is important for home buyers because it clearly shows the boundary lines of a piece of property, as well as any improvements that have been made on that property.
Some of the physical features that are highlighted on a survey include:
- The location of a house
- The location of a garage
- The location of a fence
- The street location
In short, a land survey will verify what it is that the deed of the property describes.
Why You Should Have a Land Survey Done
It used to be that land surveys were a necessary part of the home buying process. Before a homebuyer could receive a mortgage agreement from a lender, a survey of the land that was being mortgaged needed to be provided. However, given the recent turmoil in the real estate industry, many lenders have lifted this requirement in order to reduce unnecessary costs, which a survey is often considered.
Despite the fact that they are no longer viewed as being a necessary part of the home buying process, a land survey from a company like Community Sciences Corporation is still just as important, especially when you consider the following:
- A survey will clearly show all boundaries on your land, which may be missing from your deed.
- A survey will illustrate any disputes regarding property lines.
- A survey will reveal the exact dimensions, location and size of your property.
If you are purchasing property, don't overlook the value of having a land survey.