A property survey is a drawing of a piece of real estate that shows the property’s boundaries and any improvements that have been made to the property. It can bring to light certain issues that may affect the value of the property or the ability to resell at a later date. While many lenders require a property survey before they will provide a mortgage to homebuyers, there are some who do not, causing some buyers to consider saving themselves a few hundred dollars by simply not having one done. This is generally a bad idea and could result in significant financial loss later on. A property survey can bring many issues with a particular piece of real estate to light, including the following:
- Overlap with other properties – A common issue that can arise in real estate is when there are discrepancies in boundary lines with other properties. This is particularly important if the property you are considering buying adjoins public property such as a road, highway, or alleyway.
- Easements – An easement is the right to use someone else’s property for a specified purpose. A common situation in which an easement may exist occurs when your neighbor does not have access to the road without crossing your property. Easements can affect they value of property and also the landowner’s rights and responsibilities concerning the property subject to the easement.
- Setback lines – Imagine this: you are looking at a house, but the only way that it would work for you and your family is if you build an addition in the back. Setbacks restrict how close a structure can sit to the property line, and if you were not aware of one and built your addition anyhow, you may be forced to remove it later. A survey will make sure that you are aware of any setbacks before you purchase the property.
Contact a New Jersey Real Estate Lawyer Today to Schedule a Free Consultation
Buying real estate without speaking an attorney can be a risky endeavor. When you retain a lawyer, he or she will thoroughly review the legal status of the property you are considering as well as the documentation regarding the transaction, ensuring that your rights are protected. To schedule a consultation with John L. Schettino, call our office today at 201-498-9768 or send an email to [email protected].