Do you need a Survey?

Real estate sales have soared over the past 30 months or so and some buyers, trying to remain offer-competitive, have waived surveys.  However, doing so presents real, post-closing risks to buyers.  Encroachments or protrusions of permanent improvements; fences not on property lines or boundary lines not being properly identified are but a few examples of potential problems.

If you make a decision to waive a survey, don’t do so thinking that the title policy will help you if there is a problem.  The title policy will contain an exception in Schedule B, item 2 which reads “Any discrepancies, conflicts, or shortage in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements.”   Further, your title policy will likely not cover any matter that would have been disclosed by an accurate and current land survey of the Land.

If you are getting financing, be aware that most lenders will require a survey as a lending condition.  However, you don’t have to order a new survey if the seller has an existing survey that the LENDER and TITLE find acceptable.  Call Wise County Title Company or your Realtor for all the details, but in short don't count on an old survey being acceptable if exterior fences have been replaced, pools added or major improvements have been added that are near a boundary line.  Those issues will likely lead to a new survey being required to provide the lender with the coverage they require.