How Does a Boundary Survey Impact Real Estate Investors?
Before buying any commercial property or owning any property, be it a primary residence or an investment property, you need to understand the limits of the property. This is where a border or land survey comes into play.
A boundary survey, sometimes referred to as a real estate survey, defines property boundaries. People often request a boundary survey before buying or building a home, or before improving or sharing property. The boundary survey defines the corners of the property and a professional land surveyor then uses the information to create a drawing.
Elements of a boundary survey
Lot dimensions are only one aspect of boundary surveys. These surveys can also include improvements in land such as swimming pools and fences. And when you talk about fences, don’t rely on them to demarcate the property lines, as fences aren’t necessarily placed right on the border line. For example, the property could extend beyond the fence.
Some boundary surveys also contain easements that indicate whether another person or organization, e.g. B. a utility company, has rights to the property and, if so, where those rights begin and end. Interventions in which a neighbor or neighbors to neighboring properties somehow occupy the land without permission can also be part of a boundary survey.
What a Boundary Survey can do for you
You may be tempted to skip the step of ordering a boundary survey, but it is not recommended. Proper survey is just as important as property insurance. Here’s what a Boundary Survey can do for you and why you need one.
Find out if there are interventions
Probably the main reason investors need marginal surveys is to determine if there is any interference, and if so, what. You want to understand this before investing. Intervention can mean litigation that you may not want to deal with.
In addition to utilities that are standard and usually not problematic, some easements can cause problems, such as: B. a driveway that allows a neighbor to access his property via the driveway of the property. Not everyone is okay with this, which could negatively affect attracting tenants to a rental property or buyers for a flip when it comes to selling.
Determine if renovations are possible
If you want to improve the property by adding supplements, you need to know where each boundary line is so that you do not interfere with a neighbor’s property.
Let them know the type of zoning
A property survey can tell you if the property is in a floodplain, which may or may not be a deal breaker for you.
How is a boundary survey carried out?
The surveyor looks at your property from a hilltop and deems the lines appropriate wherever they see fit. I’m just having fun.
A boundary survey is very accurate and requires careful sorting to get the job done. By the end of the survey, you will likely see stakes in the floor marking boundaries. Or you can see flags marking the points and maybe painted lines to further map the property. Although it takes some time to mark the property, it usually takes longer to mark the boundary lines. The following is what it is about.
An overview of the process
Here are the steps for a boundary survey.
The surveyor has to sort the documents. Specifically, they must look at the title deed, and if more information is needed, they must visit local government offices, government agencies, and even historical societies to get an accurate picture of the property.
Prepare the land
The real estate surveyor marks the spots made possible by the investigations carried out.
The surveyor must document the results. For example, you can’t just skip the research step and set boundaries; The surveyor must be ready to review how he made the boundary determination for each property boundary during the survey. This becomes a legal document and is part of the property record.
Why do you need a limit survey?
If you don’t get a border investigation and assume the land is yours, you could find yourself in a lawsuit if you break into nearby properties or start or operate other businesses that violate local regulations.
The bottom line of Millionacres
Boundary surveys add time and money to your investment. But you’d probably be pennies and stupid if you didn’t get one done. Once you have properly inspected the property by ordering a boundary survey, you will have done everything possible to prevent a major mess like a boundary dispute.