What is a survey?
When buying a house, it is sometimes difficult to know exactly how much land you will own and where your property ends. Although you could take the word from the seller, it is not always the best way to solve this mystery question. The best way to know exactly where your property ends is to do a survey of the property.
So, what is a survey?
A survey is an operation performed on the property in order to locate and measure the exact amount of land the buyer will have after buying the house, as noted by the LANDMARK Home Warranty. Without the survey, you could end up having encroachment with your neighbors or pay more than the house is worth.
What are the benefits of a survey?
A survey is very important as it will help clarify and confirm the amount of land a buyer will receive on the property.
That is the survey will locate and measure the exact land you have. This way, you will make sure that the land being sold belongs to the sellers and there will be no future conflicts with your neighbors. This information will be included in the title as it is passed on from one owner to another.
The survey is also used to know the proper value of the property. For example, a mortgage lender could require a survey to be conducted if there is skepticism about the cost of the property. The survey, in this case, will prevent the lender from spending more money on the property. This in turn helps the lender save money if the borrower defaults on the mortgage.
