Property Surveys in Realty

The term “property survey” carries significant weight in real estate. Whether you’re a buyer, seller, developer, or investor, understanding property surveys is vital for making informed decisions and protecting your interests. This article delves into the purpose, types, processes, and importance of property surveys in realty, providing a detailed guide for professionals and property enthusiasts alike.

What is a Property Survey?

A property survey is a professional assessment conducted by a licensed surveyor to determine and map a parcel’s boundaries, features, and legal descriptions. These surveys often include detailed measurements and documentation, ensuring clarity about property lines, encroachments, and legal descriptions. They are crucial in real estate transactions, development projects, and dispute resolution.

The Purpose of a Property Survey

Property surveys serve multiple purposes, including:

Defining Property Boundaries

Property surveys establish precise boundary lines, essential for avoiding disputes with neighbors over land ownership or usage. They clarify where one property ends and another begins.

Ensuring Compliance with Zoning Laws

Zoning laws dictate how a property can be used. Surveys help verify that structures and land use align with local zoning ordinances, minimizing the risk of legal complications.

Identifying Easements and Encroachments

Surveys can reveal easements (rights granted to another party for specific land uses) and encroachments (unauthorized uses of the land by another party), which can significantly impact property value and usability.

Facilitating Real Estate Transactions

Mortgage lenders and title companies often require property surveys to confirm legal descriptions and identify potential issues before finalizing transactions.

Supporting Land Development

For developers, surveys provide:

The necessary data for planning construction projects.
Ensuring compliance with local regulations.
Avoiding costly setbacks.

Types of Property Surveys

Different types of surveys are used depending on the purpose and nature of the property. Below are the most common ones:

Boundary Survey

This is the most basic type of survey, focusing on determining property lines and corners. It’s often required to resolve disputes or obtain permits for construction.

Topographic Survey

A topographic survey maps the natural and artificial features of the land, such as elevations, trees, buildings, and roads. It is commonly used in engineering and construction projects.

ALTA/NSPS Land Title Survey

ALTA (American Land Title Association) surveys are highly detailed and are required for commercial real estate transactions. They include boundary lines, easements, improvements, and zoning information.

Subdivision Survey

This survey divides a parcel of land into smaller lots, often for residential development. It ensures compliance with local subdivision regulations.

Site Planning Survey

A site planning survey combines elements of boundary and topographic surveys to provide a comprehensive map for designing new developments.

Construction Survey

This type of survey ensures that planned structures are built in the correct locations and meet design specifications.

Mortgage Survey

A mortgage survey is an essential assessment often required by lenders to confirm that a property’s boundaries and improvements match the legal description.

The Property Survey Process

A property survey typically involves the following steps:

Research

The surveyor begins by gathering historical data, including deeds, title documents, and previous surveys. This information establishes the legal framework for the property.

Fieldwork

The surveyor uses specialized equipment, such as GPS, total stations, and drones, to measure the land and record physical features, boundary markers, and improvements.

Data Analysis

The surveyor analyzes the field data alongside historical records to confirm or adjust findings. This step ensures accuracy and resolves discrepancies.

Drafting the Survey Map

The surveyor creates a detailed map or plat with all relevant information, such as boundaries, easements, encroachments, and physical features.

Final Report

The final report, which may include written descriptions, maps, and legal certifications, is shared with the client and other relevant parties.

The Importance of Property Surveys

Avoiding Boundary Disputes

Boundary disputes can be costly and time-consuming. A property survey provides a clear and legally recognized delineation of property lines, reducing the likelihood of conflicts.

Protecting Investments

A survey ensures buyers understand what they purchase, including potential risks or encumbrances. Sellers benefit by avoiding post-sale legal claims.

Meeting Legal Requirements

Many states and municipalities require property surveys to issue building permits, finalize real estate transactions, or comply with zoning ordinances.

Enhancing Property Value

A survey that identifies usable land resolves boundary issues or clarifies access rights can enhance a property’s marketability and value.

Facilitating Development

Accurate surveys are crucial for planning and executing construction projects. They ensure structures are built within legal boundaries and according to design specifications.

When is a Property Survey Necessary?

You may need a property survey in the following scenarios:

Buying or Selling Property: Ensures clarity about boundaries, structures, and legal descriptions.
Building or Renovating: Confirms compliance with zoning laws and avoids encroaching on neighboring properties.
Resolving Disputes: Provides evidence in boundary or easement conflicts.
Refinancing or Obtaining a Mortgage: Many lenders require a survey to verify property details.
Land Development: Essential for designing subdivisions or commercial projects.

Challenges and Costs of Property Surveys

Challenges

Access to Records: Only complete or updated records can complicate surveys.
Obstructions: Dense vegetation, rugged terrain, or urban development may hinder fieldwork.
Discrepancies: Conflicting historical data can lead to disputes or delays.

Costs

The cost of a property survey varies depending on property size, location, complexity, and the type of survey required. On average, homeowners can expect to pay between $300 and $1,000, while commercial surveys often cost significantly more.

Selecting a Qualified Surveyor

Choosing the right surveyor is crucial. Consider the following tips:

Verify Credentials: Ensure the surveyor is licensed and experienced in the specific type of survey you need.
Check Reviews and References: Look for testimonials and recommendations from previous clients.
Understand the Scope of Work: Request a detailed proposal outlining the services provided and associated costs.
Communicate Clearly: Share all relevant documents and discuss any concerns or special requirements.

Conclusion

Property surveys are indispensable in realty, providing clarity, legal protection, and valuable insights for property transactions and development. Whether you’re a homeowner, investor, or developer, understanding the intricacies of property surveys can save time, reduce risks, and enhance the value of your investments. By prioritizing accurate and professional surveying services, you can ensure smoother real estate dealings and secure peace of mind.

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Provider and Settlement Service	Charge or Range of Charges
Sonic Realty LLC	1%-6% of purchase price
Sonic Title Agency, LLC	Title Insurance Policy: $950 - $1706 on a $250,000 property. (Rates vary and are dependent on the state, selling price, and loan amount on the property.) Title Search Fee: $250 - $325 (where applicable) Closing Fee: $450 - $650
Sonic Loans Inc. This company provides various real estate mortgage loan origination activities either as a third-party originator or a mortgage broker, including loan pre-qualification, competitive bid process (when providing third-party origination services), loan origination, loan pre-approval, loan structuring, processing, and closing.	Loan Origination Charge: 0-3 % of loan amount (may include 3^rd party fees) Loan Discount Fee/points: 0.5%-6% of loan amount. Application/Processing Fee: $0.00 - $875.00 Flood and tax service: $0.00 - $95.00 Underwriting Fee: $0.00 - $1295.00 Document Review Fee: $0.00 - $400.00 Appraisal Fee: $0.00 - $850.00 Credit Report Fee: $0.00 - $135.00 Actual charges may vary according to the particular lender selected, the particular services provided, and the underlying transaction, borrower selections, etc. Some or all of these fees may be charged by third parties and/or the Member Mortgage Lender/Mortgage Broker. The Member Lenders and Mortgage Brokers have agreed to pay a fee ranging from 0.5% to 2.75% of the loan amount to Sonic Loans in connection with a range of loan origination services provided by Sonic Loans to the Member Lender/Mortgage Broker. The fees are paid either directly to Sonic Loans by the Member Lender/Mortgage Broker or billed directly to you at closing.

Provider and Settlement Service	Charge or Range of Charges
Appraisal Fee	$0-$800
Credit Report Fee	$63-$125