In addition to doing a title search, the title company you hire will likely need to collect a land survey. Some title companies will accept the seller's land survey to give the buyer one less cost to worry about. However the risk involved in passing on a new land survey can be much more costly. So why is a land survey so important?
Land surveys are a necessary tool for determining property lines and the location of a property's features. Without land surveys, there would be no way to know where one piece of land ends and the other begins. They determine property points and distances between them. These points are then used to establish land maps, create boundaries and for discovering any possible encroachments on the property.
An encroachment can include such things as a building, fence, or other structure built on the property. If the land surveyor discovers there’s an encroachment or easement that could cause a problem, they pass that information on and it is taken into consideration when issuing your title insurance policy.
A licensed surveyor is the only person legally allowed to conduct a survey to mark your property's boundaries. A licensed surveyor must identify the land boundaries and should provide a certified plan on request that ensures that the project has been successfully completed. It is vital to understand that surveys conducted by non-licensed surveyors do not have legal status in the event of a boundary dispute.
A boundary dispute is a dispute between the owners or occupiers of at least two neighboring properties. A boundary dispute may take many forms. Often it is simply a dispute relating to the position of a boundary. Usually someone will argue that a physical marker, such as a fence, hedge or wall is over a property line.
How It Effects Your Closing
For a land survey to be beneficial, it must be accurate. Land surveys play an important role in real estate transactions for all parties involved. Surveys provide many important pieces of information needed for a smooth closing.
Simply put, a land survey is important because it will document exactly where your property is located. With defining property lines, a lender will know what it's lending on, a construction crew will know where to start building, the title company will know what they are insuring and you will be certain of what land you (and your neighbors) are responsible for.
Need more information on the land survey process? Contact our team at Willow Bend Title. We are happy to answer any questions that you may have to help assure a smooth closing process and most importantly give you peace of mind.