My next post comes from a reprint of a March 2004 Real Estate Bulletin.
There is some school of thought that it may not be necessary to obtain a current survey when purchasing a home. EDI Real Estate encourages all buyers to obtain a current survey. From our personal home to hearing other's mishaps, we recommend always obtaining a current survey.
Encroachments, building restriction lines, wells, features, swimming pool decks, access ways, utility easements, flood zones and other similar matters can all show up on a survey.
Many times the buyer hopes that Title insurance will cover any unexpected items that may appear in the future, but coverage that protects purchaser's interests unlikely to be included unless a survey is performed prior to issuance of the policy. Also, using a survey from a previous owner does not contemplate changes to the property since the earlier survey was performed.
So don't worry about delaying closing, get a survey, just order it EARLY! An informed buyer knows that an accurate, current survey will provide peace of mind that cannot be obtained from any other source.
Tuesday, December 1, 2009
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