Why is Having Access to a Property Survey So Important?
In most real-estate transactions, and even when there is title insurance, the lawyer who represents the buyer will often request a property survey. If you are a REALTOR® then you know that a property survey is often included as a clause in an offer of purchase and sale.
Some lawyers believe that a property survey is one of the most important documents in a real-estate transaction.
A property survey will reveal to your clients any conflicts that exist within the property’s deed. Show your client the property lines/limits, as well as anything that is encroaching on your property lines, things like driveways, fences, wells and even structures.
A property survey has become a standard buyer request, and it protects your clients from future problems with neighbours and even legal challenges.
When an offer of purchase or sale is made, timelines are sensitive. Sometimes sellers misplace their property survey which can in some cases put them at risk of losing a buyer. The survey could be fine, you and your client could be sure of it, there could even be title insurance in place – but still many buyers will demand a property survey as a condition of their purchase.
When a survey is misplaced, it can be an untimely and expensive problem. If you contact a surveyor, it can take one to two weeks or longer to have the survey performed, and the costs can be significant. So what can you do to save a deal when a misplaced survey is standing in the way? Get one online.
Real-estate professionals who use GeoWarehouse can obtain a property survey, on most properties, online through the GeoWarehouse store. When purchasing a property survey through the GeoWarehouse store, it will be immediately available for you to download and print.
You can provide the survey to the buyer’s solicitor and before you know it, your closing will be back on track!
It is always prudent when listing a home to ask your client if they have a property survey at the time of listing. This is a best practice that can save you from a last minute panic to get one. If you request a property survey when a new client engages you, you can learn if they don’t have one, check to see if one is available through GeoWarehouse and if for some reason it’s not, you will still have ample time to coach your client through obtaining one before a deal is underway.
Don’t let the absence of a property survey get in the way of negatively impacting your deal closing. They are important, expected and only an internet connection and GeoWarehouse subscription away.
If you would like more information about how you can obtain a property survey through the GeoWarehouse store please visit www.geowarehouse.ca or call 866-237-5937.