Before You Sign That Mortgage Contract, Survey Your Property
Posted on: 24 February 2020Share
Buying a home is an exciting process. If you've fallen in love with the floor plan, location and design of a property you're looking at, you may feel ready to sign the mortgage contract and close on the property.
However, you shouldn't overlook the importance of surveying the land that your home sits upon. Remember that your home comes with the piece of land it sits upon, and ensuring this land is properly zoned, bordered and structured can make a significant difference down the road.
A land survey comes in handy when you're thinking of closing on a property. Surveyors will inspect the land and your home to uncover any issues that might require your attention.
What does the survey cover?
A home survey is particularly meant for determining the boundaries of your property. The surveyor will check current fences, retainer walls and other structures to determine whether the boundary is accurate. This critical step can help you avoid boundary disputes with neighbours down the road. Furthermore, objects such as trees may sit in a grey area between two properties.
Land surveys help clear up any confusion with regards to where the object actually lies. A home survey can help you ensure that all building and zoning codes were adhered to when the structure was being built. It's not uncommon for buyers to purchase a home and eventually find out that they need to pay thousands of dollars in building code violations. And because the title will now be under your name, it can be challenging to track down the seller and claim reimbursement for fines you had to pay.
In cases where the home is neighbouring a road, waterbody or utility line, the survey can ensure that your property is within a reasonable distance and not encroaching. For example, some properties may encroach on road reserves or riparian land. Clearing up such issues before signing the sale or mortgage contract will be beneficial to any potential buyer.
Benefits of home surveys
There are many costs that come with buying a home. By the time you navigate property inspections, title transfer costs and closing costs, the last thing you may want to do is spend money on a land survey. But remember that surveys essentially protect you from incurring unexpected costs down the road. They reveal useful information that you can use to negotiate with the seller. Furthermore, data from a land survey is legally binding and an excellent way to avoid boundary disputes with neighbours.
For more information, contact a land surveyor.