Property Surveys seem to be shrinking in importance or priority due primarily to the growing prominence of land titles insurance. Has this age old legal document lost it’s significance or importance? We would argue that it’s demise is grossly exaggerated.
Firstly, LAND SURVEYS ARE LEGALLY BINDING, it can used as a documented source if anything is ever questioned during any process related to a real-estate transaction. Such as mortgage application, building permit application or boundary disputes.
Surveys have No Expiry Date. They give you a conclusive snapshot of your home and property relative to the effective date of the survey. Having an updated survey if you are thinking of selling your home is an excellent negotiating tool. This is particularly true if you own a country property or live in an area of transition. A neighborhood where it is likely that a buyer will renovate or rebuild.
What a current property survey does for all homeowners is encapsulate the history of their property and home. It details the Legal History of Property, documenting easements ,boundaries and right of ways. These are essential parameters if you want to renovate or build.
A survey shows exactly where any improvements, such as decks, additional buildings, major renovations, pools or driveways reside on your property.
Simply, land surveys which may cost anywhere from a few hundred dollars to several thousand dollars depending on the age, configuration or the indigenous natural features of your home and property. May save you tens of thousands of dollars in legal fees and untold hours of angst, if there was any land pending or probable disputes.
Succinctly having a relatively current survey is probably a prudent and parsimonious decision to have on hand if and when you are thinking of transferring or selling any property.
Please feel free to contact Accurate Appraisals or Heritage Caledon Realty, if you have any other Real-Estate questions at admin@reappraisals.ca or 905-838-2490.