Has a lack of property survey ever delayed your deal from closing? If so, you’re not alone.
A property survey can be immensely important — even more important than the deed, say some.
While not all lenders require property surveys, if you are dealing with one who does you know that it’s necessary. But what can you do if you don’t have, or can’t find, a survey?
The long answer might be to arrange for a new surveyor to come out, but this can get expensive and time-consuming — especially when you are waiting on a deal to go through and the survey is the last piece you need.
The short answer is simple: access it online!
GeoWarehouse has existing historical surveys available online in our e-store. If a survey for the property in question is available, you’ll be able to obtain it at the click of a button for much less than it would cost to get a new one.
Even if your lender doesn’t require a survey for the deal to close, it’s still a good idea to see if a historical copy exists.
According to the Toronto Star, a 2015 study by the surveyors at Protect Your Boundaries showed that of 1.2 million freehold residential properties in the GTA, an estimated 49% have significant boundary issues, most of which would not be covered by title insurance since they involve fences, hedges, and retaining walls.
Plus, if an issue comes up at the last minute, you’ll want to be prepared. The same Toronto Star article references a vendor who owned a house on the wrong side of a street, and one who owned the wrong half of a semi-detached house.
These may seem like extreme cases, but it is often better to be safe than sorry — particularly when it comes to closing a deal.
Obtaining a property survey can just be good due diligence. And accessing it online makes it so easy to do that you’ll want to make it part of your regular process.
Access your property surveys today through the GeoWarehouse e-store. If you don’t have an account, call us at 1-866-237-5937 or visit www.geowarehouse.ca.
