There is a lot of research that goes into buying and owning a property. Part of securing a financial investment wisely is gathering as much information as possible about your property. A necessary step of obtaining this information is conducting a property survey.
The benefits of a survey are plentiful. Although surveying is seldom made out to be a big deal, skipping this step can create catastrophic results. For the purposes of this article, we'll take a look at what a property survey entails and why it's important.
What is a Property Survey?
Typically, people who want to know relevant details about their property, reach out to a surveyor in the process of buying a home or constructing something. Some mortgage companies will include this step in the home buying process to confirm that the property value parallels the money they plan to provide for a loan. But other mortgage companies may skip this step if their clients have title insurance.
Once a surveyor is sought out, they're tasked with thoroughly researching the property and land. Details procured by these professionals usually consists of:
- Boundary lines: Boundary lines determine which part of the land is yours, and are therefore a critical piece of information to have before making any property purchases. Oftentimes, surveys disprove the assumptions made by you or your neighbors about the placement of a boundary line. So, a survey is especially necessary when deciding to build a fence or a wall.
- Utilities: With the completion of a survey, you can get a clear picture of where utilities are. Poles and wires located above ground are easy to pinpoint, but a surveyor can report the existence of underground drains, cables, vaults, and other utility lines. This is important because the presence of utility lines on your property may give companies the right to use a chunk of your property for upkeep. Also, knowing the precise location of secluded utilities is important prior to construction or excavation.
- Easements: An easement is a property interest that allows the holder of a property to use the property that he or she does not own or possess. A survey may keep you informed if you may not be aware of the easements that exist (if any) on your property.
- Water: A survey can mark the location of underground streams, ponds, ditches, and other bodies of water that could be on your property.
Why Is Conducting a Property Survey Important?
The more information you know about your property and land, the more issues you can avoid. Surveys have saved owners time and money, by helping them avoid common and silly mistakes like building a property on someone else's land. This step can also help you avoid a dispute between you and your neighbors.
Contact Real Estate Attorney Melvin Monachan Today
At the Law Offices of Melvin Monachan, PLLC, we've helped people tied up in complex disputes overcome their issues with our expertise. Let us help you find a viable solution to your issues. Contact us by filling out a contact form or give us a call at (516) 714-5763.