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We highly recommend that you have a survey performed on the property you are
purchasing. It's just the safe thing to do. While it may not be required by your lender, it is our policy
to recommend one. It is important that a Buyer understand that they will
not be provided title insurance protection as to matters that might be revealed
by a new survey (eg. legal right-of-way), if a new survey is NOT performed.
What is the cost of a survey? Approximate cost of survey is about
$500-$700 for an average size lot of less
than one acre.
For general information, although not all lenders require that the purchaser obtain - and pay for - a property survey or real estate survey, it is definitely recommended that every purchaser authorize the settlement provider to obtain a property/real estate survey. It should be noted that the typical property survey that is provided at a settlement only shows the location of the house on the lot.
While the title insurance industry will generally not accept a title claim based solely on the property survey itself, the survey will assist the purchaser in determining whether fences, trees or other such objects are properly located within the property being conveyed.
Other concerns:
A survey gives every homeowner a clear border line to know exactly what they do or do not own. If your property line is crossed, then an encroachment has transpired, and a Real Estate Lawyer will be needed to resolve disputed claims.
It is important to distinguish between a survey and an appraisal -- both of which are usually expenses charged to the buyer at settlement. An appraisal assists the mortgage lender in assessing the value of the house to determine whether a mortgage should be made and in what amount. Generally, the appraisal will analyze the condition of the house, its location, structural soundness and comparable sales in the area.
A survey, on the other hand, goes to the question of the marketability of the house. The surveyor determines whether the house is within the property borders, whether there are any encroachments on the property by neighbors and the extent to which any easements on the property may affect legal title.
Lenders in the Asheville area always insist on obtaining a clear "lender's" title insurance policy covering the face value of the mortgage. Title companies will issue an exception to title unless a survey has been ordered, and thus surveys are usually and generally required.
Frankly, we belief that everyone buying a house should obtain a survey whether or not the lender requires it. It is a good idea to learn, for example, where your property lines are, and whether there are any building restrictions affecting your right to add a porch or a fence. It is also important to know whether any portion of your neighbor’s property – such as a fence – is actually on your property. And, make sure a copy of the survey gets to your lender well in advance of settlement. It must be done by a qualified, licensed surveyor.
Next, let me ask your sellers who did their survey when they purchased the property. Unfortunately, most lenders will not honor a survey if it is more than six months old. But inquire from the prior surveyor whether the old survey can be updated and whether this will save you some money. Some of the more reputable surveyors are happy to get your business and will give you a break in the price.
Additionally, if you are refinancing your existing home, most lenders and title insurance companies are willing to accept a survey affidavit instead of a new survey. You will have to sign an affidavit that no improvements have been made to the property since you originally purchased it. These affidavits are available from the settlement attorney at a minimum cost.
You should also visit the Official Surveyor in the government land records office in Asheville or the Greater Asheville Area where your property is located. They are quite helpful and may be able to assist you with boundary questions, easement issues and such.
If you are buying a condominium unit, you will not have to obtain -- or pay for -- a separate survey of your unit. That survey has already been done as part of the plans which were recorded with the condominium documents.
You should also understand that most surveys will not include staking your property corners. If you want stakes posted, it will cost you additional dollars. You should make the necessary arrangements for stakes at the time you – or your settlement attorney -- order the survey.
Finally, the typical surveys used at settlements are called “house location surveys”. Some Title Insurance Companies will not provide owner’s coverage for this kind of survey, should a problem arise in the future. These insurance companies take the position that such a survey is not adequate, since it does not clearly depict the actual boundary lines of the property. You should inquire of your settlement attorney whether the survey you receive will suffice for title insurance purposes.
And don't forget to get a copy of the survey from your settlement attorney. It will come in handy in the future, whether you refinance or plan to build an addition in your back yard.
Recommended
Surveyors
Scott Vindall, PLS
High Country Surveyors, Inc.
141B Merrimon Avenue
Asheville, NC 28801
Office: (828) 236-0091
Toll# (888) 247-2205
Remember: Asheville NC Property Survey for Real Estate Transactions when buying and selling a luxury home or finding that special piece of Asheville Real
Estate with Kathleen Blanchette,
a fully licensed Keller-Williams Asheville Real Estate Broker and Realtor, is a comprehensive and thoroughly professional
experience in buying and selling Asheville Real Estate throughout the Blueridge
and Smokey Mountains, where efficiency, personal regard and concierge services are
guaranteed every step of the way. Keeping the Tradition of Integrity...,
and a Reputation for Results!
Asheville NC Property Survey for Real Estate Transactions, whether its a North Carolina luxury homes on your own Private Mountain Estate
in one of our uniquely designed plush Golfing Communities, Exclusive Gated Communities,
Active Adult Communities, surrounding Lake Communities, or a great Condominium,
Loft or Townhome, all of Greater Asheville and Hendersonville Luxury Homes are within reach with Kathleen Blanchette. Feel Free to browse the entire website of all available Greater Asheville Real Estate
MLS and Western North Carolina MLS,
for all Asheville Real Estate Properties, Land Acreage, Horse farms, Investment
Properties, Commercial Real Estate, New Home Plans, as well as handy relocation
and moving calculators, tips for buying and selling a house,
city and school reports, and more. Just call us when you're ready to move
ahead!
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