Real Estate 101: Comprehensive Guide to Home Surveys

Home surveys are an integral part of a real estate transaction. They provide critical information to ensure clarity for all people involved including sellers, buyers, real estate agents, and other parties of interest. Bay National Title Company is dedicated to providing guidance and quality, up-to-date information when it comes to buying and selling real estate.

Here is BNTC’s Comprehensive Guide to Home Surveys:

Home Surveys: Everything You Need to Know

What is a survey on a house?

A home survey is an assessment and official documentation of the property lines where the house is located. The survey will typically include any easements, such as a road that is used by utility or cable companies to bury lines or access above the ground lines. The surveyor uses professional equipment to conduct the inspection and often utilizes the property description and any property markers like metal stakes or small monuments as reference materials.

Who does the survey when buying a house?

A professional, licensed surveyor is hired to perform the work. Due to the fact that home sales are a significant investment, it is necessary to get a qualified professional to perform the home survey. This gives the buyer the confidence that they know exactly what to expect with the real estate transaction including the amount of acreage included in the sale.

How much does it cost to get your property surveyed?

The price of home surveys will vary dependent on your location. There is a pretty wide range of prices for residential surveys. It will cost anywhere from $250 to $1000. The national average for the United States is about $500. These numbers are appropriate for the typical residential survey. Commercial properties and homes on large plots of land are usually much more.

Who pays for the home survey?

Home surveys can be negotiated in the purchase price of the property. Although, since it is in the best interest of the buyer to have the survey completed, it will often be the buyer that pays for the critical work to be completed.

How long does a house survey usually take?

A typical survey usually takes several hours. This will depend on the size, the geography, and the complexity of the property lines and existing markers. If there are other buildings, fencing, easements, or encroachments, it will take more time than a standard property with just the home.

FYI, encroachments on properties are physical structures that intrude on (or over) the legal property boundary of a given lot. Encroachments can often be negotiated in the final sale price.

What does a home survey look like?

Home surveys are akin to a map of the property. It includes all the boundary lines and the specific layout of any easements or encroachments on the property.

How do I request a home survey?

There are often copies of original surveys on a property at county land or records offices. These are good for referencing boundaries and easements, but it is still important to get a new home survey. This will give the most recent information about the property including any new buildings that were constructed since the original survey, potential encroachments, or easements that are important in price negotiations. Often, real estate agents have a few reputable names or companies to offer a recommendation.

When do I get a survey of my property?

If you are a seller, you can take the initiative to get one before you put the property on the market if you like. This can give you valuable information in negotiations. Since, quite often, the person who pays for the home survey is the buyer, you should get it completed before the final price is settled and the closing is complete.

If you are the buyer, getting the home survey completed as soon after your initial offer can save you valuable time in a very competitive market. In case something comes up in the survey that jeopardizes the sale, you don’t want to miss out on another attractive property.

BNTC: Your Go-To Resource for Real Estate News, Title Services, and Information

Selling or buying a home doesn’t have to be difficult. Bay National Title Company is here to give you the information and the latest real estate and title industry news to be prepared, be smart, and be successful in your next real estate transaction.

We also provide excellence in title services across all fifty states, and Washington D.C. — bringing you peace of mind and a better closing experience. From title searches and title policies to settlement and document services, BNTC is dedicated to providing you with the best closing experience possible.

Contact us today for more information on how we can help you.