The Existing Survey
Selling?
When you bought the place, you were provided a survey. It is likely in the file you got at the title company at closing. Or when you picked up the keys.
It could be bound paper, on a CD, or both.
If you can find it, you'll save a few hundred dollars in closing costs.
At least if you have not added on, built a pool, etc.
The new buyer can use the existing survey instead of paying for a new one. The cost of a new survey is negotiable - buyer or seller can pay it.
The old one is free. Assuming you find it.
If you can't, let us know. Maybe we can help.
Buying?
Why not ask for the existing survey? It will lower the cost of the transaction - either saving you or the seller a few hundred dollars.
If the footprint of the structures has changed since the survey was done, chances are it can't be used. A room addition, detached garage, pool, or she-shed that wasn't there then means the survey is no use now.
The other potential issue is if the surveyor made a mistake. Since you are not their customer and they did not grant you rights to use the old survey, they are not likely to stand behind any errors. Errors are pretty rare - especially those that cause any real $ issues. So many, probably most, choose to use the existing survey if available.
If this happens to be the one house in ??? that was built on the neighbor's land - then you might wish you had your own survey done.
Either way, if the existing survey is available, have a look at it and then decide what you want to do. You can always pay for a new survey AND ask for a copy of the old one.
Want a more accurate assessment? Contact a title company like TNT or a real estate attorney. We are not licensed in law nor title insurance so the above is not legal nor insurance advice. Just a real estate broker's thoughts.
When you bought the place, you were provided a survey. It is likely in the file you got at the title company at closing. Or when you picked up the keys.
It could be bound paper, on a CD, or both.
If you can find it, you'll save a few hundred dollars in closing costs.
At least if you have not added on, built a pool, etc.
The new buyer can use the existing survey instead of paying for a new one. The cost of a new survey is negotiable - buyer or seller can pay it.
The old one is free. Assuming you find it.
If you can't, let us know. Maybe we can help.
Buying?
Why not ask for the existing survey? It will lower the cost of the transaction - either saving you or the seller a few hundred dollars.
If the footprint of the structures has changed since the survey was done, chances are it can't be used. A room addition, detached garage, pool, or she-shed that wasn't there then means the survey is no use now.
The other potential issue is if the surveyor made a mistake. Since you are not their customer and they did not grant you rights to use the old survey, they are not likely to stand behind any errors. Errors are pretty rare - especially those that cause any real $ issues. So many, probably most, choose to use the existing survey if available.
If this happens to be the one house in ??? that was built on the neighbor's land - then you might wish you had your own survey done.
Either way, if the existing survey is available, have a look at it and then decide what you want to do. You can always pay for a new survey AND ask for a copy of the old one.
Want a more accurate assessment? Contact a title company like TNT or a real estate attorney. We are not licensed in law nor title insurance so the above is not legal nor insurance advice. Just a real estate broker's thoughts.
