A survey is a sketch of a piece of land identifying its boundaries and the
features of the given property. The survey identifies the property lines, creeks, rivers, buildings, roadways, possible encroachments, lot size, etc. The survey of a property identifies the legal description of a buyer’s property boundaries and what exactly is owned and to be insured by the potential owner or soon to be new owner. This gives legal identification of what the property includes and basically determines where the property lines are located.
Mortgage lenders and title insurers most likely will require a recent survey to ensure the boundaries and what is included in a given property. This ensures that the land and physical features of the property are in fact what is stated to be included within the property’s boundaries. Recent surveys are important because of possible additions to a given property such as a building, driveways, fences etc. This lets the mortgage lender and the title insurer know exactly what is being purchased and/or insured.
The survey report gives all parties involved in a real estate transaction a precise picture of what exactly is included in the purchase of a given piece of real estate, as well as a current view of what will be included in the market value of the given property. If you need help with this process be sure to contact Siesta Title & Escrow @ (941) 889 – 7744!