In an era when many lenders do not require a property survey when a mortgage is being organized for a buyer, and title insurance will suffice, surveys are still very relevant and the buyer benefits from having one.
Why would having a full survey be advantageous to the buyer even if they don’t need it to get their mortgage? A survey can reveal potential property-related issues on a deal like fencing that exceeds the property line or a roof from a detached garage that is over-hanging. These are issues that a buyer may want a seller to correct before a closing.
While the above issues, should they come up, may be resolved with title insurance – because they are pre-existing issues – then the next thing you have to consider is the what the buyer’s future plans for their property are. The buyer may have plans to do improvements on their home or property, such as a pool, a deck, an extension, etc. They may not realize that they’ll need a survey in order to complete them so it is always prudent when discussing the necessity for a survey to learn from the buyer what plans they have in mind.
Often, especially with older homes, it may come to light that the seller simply doesn’t have a survey. This could pose a real challenge because a buyer may demand it. If your seller doesn’t have it, it could delay or even derail your closing.
In any scenario, the seller will have to pay for a survey if they don’t have one, for whatever reason. The time it takes to replace the survey and cost will depend on a few factors. Here is what to do if your seller doesn’t have a survey:
Step #1 – Check to see if an existing historical survey is available online in GeoWarehouse. This is the path of least resistance because, if it is available, you can affordably obtain it for your client at the click of a mouse.
Step #2 – If it is not available online through GeoWarehouse, your next step will be to contact a surveyor or surveying company. Prices and timelines will vary by company – but first calling to see if they have a survey on file already can expedite the process and save your client money.
Step #3 – If it is not available online and the surveyor or surveying company does not have a copy of an existing survey, you will need to have one performed. This is the most expensive and time consuming scenario.
We hope that you have found this blog helpful and if you would like more information about how you can obtain a survey online please visit the NEW GeoWarehouse online today at www.geowarehouse.ca.