Anyone working in this industry for a few years has a scary survey story or two to tell. I heard one recently from a local REALTOR; she had what you might call a “challenging client,” who needed a good deal. They finally found a house and although the contract negotiations were very tough, the buyer’s agent prevailed! During the contract negotiations she assumed the existing survey was acceptable. Unfortunately during negotiations regarding the inspection, the title company had to reject the survey. Instead of paying for a new survey, those buyer’s have opted out.
We all see surveys on almost every transaction we close, but do you know what all the little marks and symbols mean? Do you have survey-a-phobia?
They didn’t teach us to read a survey in real estate school. Most of us learn it as we go, or unfortunately generally when a survey problem arises.
Most lenders require a land survey before lending money on any type of real estate transaction. A survey provides an overhead view of the property and reflects all the structures built on the property, any and all easements, building setback line requirements, and boundary/property lines. A survey can be used in many situations outside of buying and selling a home. Any time you plan to dig on your property it’s important to know where the underground easements are! If you’re building a fence, the survey will tell you the exact locations of your boundary lines. Having a survey can often end a dispute with a neighbor about the property line.
Wouldn’t it be nice, as a REALTOR, to know the ins and outs of a survey, and have the confidence to tell your clients their survey contains the key items needed for closing approval? We have good news; You can! We now offer a new MCE approved class called “Surveys at a Glance.” In the class you’ll learn the different types of surveys and how they function. You’ll also receive a survey checklist and the ability to recognize key items within the survey. Contact a Business Development Representative today to find out about our next class or schedule one for your office.