Whether buying, selling or thinking about expanding an existing home, a property survey is a useful tool to ensure that everything goes as planned. For buyers, obtaining a property survey may seem like just another expense that is easy to overlook, but waiving it can have unexpected consequences. In this article, we outline some key details about what a property survey is, why it’s a valuable tool for buyers and the risks of waiving it during the homebuying process.

What Is a Property Survey?

A property survey — sometimes referred to as a land survey — is a detailed, legal examination of the size, shape and location of a property. It can be used to determine or confirm land boundaries, reveal easements, uncover hazard areas and identify any legal conditions or restrictions that apply to the property such as zoning codes. Property surveys are not always required to get a home loan or title insurance, but it is considered a wise investment for several reasons. 

The Value of a Property Survey

For current homeowners or prospective sellers, a property survey is typically required to obtain permits for major renovation projects, such as adding a new addition to the house, significant landscaping, a pool or a fence. 

A survey will also outline the infrastructure that exists underneath the home. This can include underground power lines, sewage systems, water lines and other utilities. Having a recent property survey on hand can also be useful when mitigating boundary-line disputes with a neighbor. 

For buyers, a survey is an important part of doing their due diligence before committing to a property. It will not only reveal any existing issues with the legal description of the property but also give insight into potential future disputes, like a neighbor’s fence encroaching on the land’s legal boundaries. Overall, it provides peace of mind by confirming they’re getting exactly what they’ve paid for. 

The Risk Buyers Take When Waiving a Property Survey

Purchasing a home is one of the most significant investments many people make in their lifetime. The last thing any buyer wants is to close on a property, only to uncover surprises that fall short of what was promised.

Without a survey, buyers run the risk of discovering costly, time-consuming issues down the line, like boundary discrepancies or encroachments into an easement area. Some of these conditions can even result in the property being worth significantly less than they paid for it.
To fully protect their investment, always advise your clients to file for a property survey from a trusted expert. A title professional from Landtrust Title Services can connect your clients with a qualified and experienced survey professional.