You’re looking to buy a new home. You have everything set up with your lending company and everything seems good to go. Then they tell you that you need a survey done. What kind of survey? Who’s going to pay for it? What even is a survey? You’re gonna have a lot of questions. Hopefully, this short guide here can help answer a couple for you.
What is a Survey?
A survey is essentially just a precise outlining of a property. A surveying company is hired and they will use a variety of tools and techniques to find and mark the exact boundaries of the property in question. They utilize the deed to the property, as well as a range of tools such as GPS and altimeters to mark the boundaries. Boundaries are typically marked with metal rods or stakes and typically spray painted to mark the full boundary.
Why do I Need a Survey?
Firstly, it can certainly never hurt to get a survey done, but there are a couple of reasons why you would need one. As mentioned before, many lending companies require a survey to be done before they will approve of any loans. This is to make sure that everything on the property is legal and not encroaching on other property.
Getting a survey helps you to know precisely what you are purchasing when buying real estate. If the property is actually smaller than the seller had advertised, then it can definitely help you in negotiations.
How Can a Survey Benefit Me?
Many surveys are conducted to help settle disputes or feuds between neighbors, typically in residential buildings. If a neighbor builds a fence, and you think it is on your property, hiring a surveyor would solve that problem by laying out exactly where both of your properties begin and end.
What Kinds of Surveys are there?
There are basically two different types of surveys, home boundary surveys and house location surveys. A home boundary system will find the exact dimensions of the entire property and mark them out using metal rods.
A house location survey just shows the location of any houses or buildings on the property in relation to the boundaries recorded. In this case the boundaries are assumed and are not actually remeasured out, and can be less accurate. Often times only a location survey will be required, saving time and money.
Who Pays for the Survey?
Typically the buyer will pay for the survey, but this is not always the case. Whoever pays for the survey can be something discussed and agreed upon during negotiations, and in some cases the seller will pay for it.
If you have any questions about surveys or any Maryland title services please do not hesitate to give us a call at (1-877-TITLE-30). The Maryland title experts at Armour Settlement Services will be happy to answer any questions that you may have, and can advise you on your surveying needs and direct you to a reputable Maryland surveyor.
