So we’ve been talking about different documents you may see while you’re at your closing and what those actually mean. The location survey is a drawing of the property you’re purchasing or selling and it shows any improvements on the property and where they’re located on the property. It only depicts items that are above ground so it’s not going to show things like your well or the septic tank. It will show any things that are above the ground that are located on the property so you know where they are actually situated. It will also show some basic lines of where the party lines run and how long the property lines are.
A house location survey is also used to tell the you and your lender that the improvements your purchasing are located within the property lines and generally where they’re situated within the lines.
If you’re going to be doing anything like adding a fence or building shed you will actually want to have a boundary line survey. This is where a surveyor comes out and does all the calculations tomake sure that pins are stuck in the ground where those property lines are. A Boundary Line Survey is a lot more detailed and will make sure that you get everything is where you think it is based on your view of the property.
The purpose of a location survey is to make sure you and the lender whose loaning money to have talked about this before, that the lender is wanting to make sure that their loan is secure. One of the things they do with that is by making sure the loans secure they want to make sure that they’re not taking on any unneeded problems by loaning money against a property that may have some of its improvements on another piece of property or the neighboring property having some improvements on that property. Sorry encroachment, excuse me, things that may be over our property lines.
So it’s really important to get a survey so you can make sure that everything is where you expect it to be. Most lenders don’t necessarily require you have one anymore as long as the title companywill insure the lender that there won’t be any problem for them if they were they were have to foreclose on the property and there’s nothing adjoining on the property line or over that property line. So most title companies will do that and so you’re not necessarily required to have a location survey anymore.
Although…. I would caution you that many times we see, they may not be major problems that come up about property line questions, or things being over property line. But……. your neighbors fence maybe built a little bit of your property line and if you don’t have a location survey done for your closing you may never know that and the title insurance will not protect you.
Usually location survey is anywhere from $150 to $250 depending on the size of the property. If it is a large tract of land that is not subdivided in a more recent subdivision plat then that location drawing is going to be a lot bigger. If you were in a lot block and subdivision kind of property, planned community those types of things, usually that $150 to $250 is about right. But if you get into bigger pieces of property in a acreage then those surveys are more expensive.
Usually you can call us if you are interested in getting a location or boundary line survey for your closing and we can get in touch with a couple surveyors we work with, and get some estimates for you.
We highly recommend you have location survey done when you go to closing but you certainly don’t have to it’s just your title insurance won’t cover you if you end up having something over your property line or a neighbor’s improvement is over your property lines.