Definition:
A survey in real estate is a detailed map or report that shows the exact boundaries, dimensions, and legal descriptions of a property. It also identifies any improvements, easements, or encroachments on the land.
Example:
Before closing on her new home, Maria hires a land surveyor. The survey reveals that her neighbor’s fence extends two feet onto her property. This gives Maria a chance to address the issue before finalizing the purchase.
Explanation:
A property survey is typically conducted by a licensed land surveyor and includes information like lot lines, building locations, driveways, fences, easements (such as utility lines), and any overlaps or gaps with neighboring properties. There are different types of surveys depending on what’s needed, such as boundary surveys, location surveys, and topographic surveys.
Surveys are often required by lenders, title companies, or municipalities during the buying process. Even when not mandatory, they are highly recommended for buyers who want to understand exactly what they are purchasing.
Surveys can uncover:
- Property boundary disputes
- Illegal structures or improvements
- Overlapping driveways or fences
- Easements that allow access to part of the land
If issues are discovered, buyers can negotiate with the seller to fix them before closing or choose to walk away from the deal.
Why is Survey Important in Real Estate Transactions?
A survey protects both buyers and lenders by confirming the true size and layout of the property. It prevents future legal disputes with neighbors and ensures that the land being sold matches the legal description. For sellers, having a current survey can speed up the sale. For buyers, it offers peace of mind and helps avoid unpleasant surprises after the purchase is complete.