Investment Insurance

Contract Contingencies
I would say that most people who have gone through the real estate purchasing process are familiar with purchasing contingencies. ย They find their โ€œdream propertyโ€ and make an offer to purchase. ย If they are replacing their existing home they will typically want to make the purchase IF their current house sells. ย So they put a contingency into the contract that allows them to back out of the contract if their house does not sell. ย Sometimes there is a contingency for financing too so that if the lender will only finance the loan at say 18%, which may be unacceptable to the purchaser, they may back out of the contract too. ย But very rarely have I seen a contingency regarding what I consider one of the most important issues in purchasing real estateโ€ฆA survey! ย Offers to purchase real estate should be contingent on receiving a current survey that is acceptable to the purchaser, lender, and the purchaserโ€™s title insurance company.

Boundary Line vs. utility lines

Iโ€™ve Got this Painโ€ฆ
What many people find out too late is that listening to anyone other than a surveyor about the location of boundary lines is like taking medical advice from the receptionist at the doctorโ€™s office. ย Sure, the receptionist works in the doctorโ€™s office, and Iโ€™m sure that the receptionist may have learned something about medicine over the years. ย But when it comes to health matters, I want to know what the doctor says!

Your Line is THERE. (Maybeโ€ฆwell, probably not.)
The importance of a survey when purchasing real property should not be understated. ย I think it is safe to say that the purchase of a home is the largest investment many people make in their lifetime. ย It amazes me how many times that I hear from clients after marking their property lines โ€œTHAT isnโ€™t my property line, โ€˜so-and-soโ€™ told me when I bought the house that my property line runs from the power pole in the backyard to the telephone box in the front yardโ€ฆโ€ or โ€œalong that fence,โ€ or โ€œalong the hedge row.โ€ ย Only to find out after the purchase that the property line is actually several feet closer to their house than โ€œthat lineโ€ or โ€œthe fenceโ€ or โ€œthe hedge row.โ€

The Real Pain
Without a survey it is very hard to know exactly what is being purchased. ย Not only does a survey show where the boundary lines are, but also the location of easements (rights of others over your property), encroachments (something that is beyond its proper limits e.g. a shed built 2โ€ฒ over the property line,) and the relationship of improvements on the property to the boundary lines. ย In addition, without a survey there is an exception placed on the purchaserโ€™s title insurance that exempts any coverage for issues that would have been shown with a survey. ย And that is the real pain, the purchaser didnโ€™t get what theyย thought they were buying, the Realtor isnโ€™t going to do anything about it, the Title Insurance Company isnโ€™t going to do anything about it, and now the Surveyor just has bad newsโ€ฆThe property line is where the property line is.

Fence...Property Line or Not?

Investment Insurance
I sometimes wish that our surveys were called โ€œInvestment Insurance.โ€ ย The price of a survey is small in comparison to the fee paid to the Realtor, very small compared to the price of the property being purchased, and a small investment to make in order to knowย EXACTLY what is being purchased.

We CAN helpโ€ฆ
Give us a call, we will work with you to ensure that what you are buying is what you think you are buying! ย If you have already purchased a property, we can help you too. ย Being proactive can help you avoid real problems down the line. ย Bosshard Surveying, LLC 920-293-4001.

โ˜…
โ˜…
โ˜…
โ˜…
โ˜…
Votes: 0
E-mail me when people leave their comments –

You need to be a member of Land Surveyors United - Surveying Education Community to add thoughts!

Join Land Surveyors United - Surveying Education Community

Thoughts

This reply was deleted.

Log into community to no longer see ads

Land Surveying Guides

Our Blog Sitemap

 
 

Explore Surveying Locally

USA Surveying Forums
Asia Surveying Forums
Africa Surveying Forums
Middle East Surveying Forums
European Surveying Forums
South American Surveying Forums
Oceania Surveying Forums
Surveying Equipment Support Forums
Search Survey Photos
Add Posts, Surveying Photos, Videos and Articles to the Surveyor Community
Add Stuff to Community

 


 
 
 

 

 

Latest in Surveyor Community

Justin Farrowโ€™s photo was featured in Surveyors Online Toolbox
GlobeZilla User Guide
Welcome to GlobeZilla, an interactive tool that lets you project custom equirectangular maps onto a 3D globe, adjust settings like rotation speed, background, and size, and even create GIFs of your globe in action. This guideโ€ฆ
17 hours ago
Justin Farrowโ€™s photo was featured in Surveyors Online Toolbox
ย 
Overview of the Historic Land Surveyor Locations from a Land Surveyor's Perspective
The Historic Land Surveyor Locations page provides an interactive map of significant landmarks related to surveying history across the world. By integratingโ€ฆ
18 hours ago
Jennifer Reeder is now a member of Land Surveyors United - Surveying Education Community
20 hours ago
Chris Wall and Sabinus Chinenye Ugwuanyi joined Land Surveyors United - Surveying Education Community
Land Surveyor Land Surveyor
yesterday
Joshua Parker and Frederic Cann joined Land Surveyors United - Surveying Education Community
Land Surveyor Not a Surveyor
Sunday
Episode 235 - Dr. Tony Nettleman, Attorney, Educator, Author, Speaker & Mentor via GeoRadio- All Land Surveyor Podcasts in One

Such an interesting conversation! The guys were joined this week by the one and only Dr. Tony Nettleman. Tony is a Land Surveyor, Real Property Attorney, Author, Speaker, and Educator, who has been practicing for over 25 years. Dr. Nettlemanโ€ฆ

Sunday
Justin Farrowโ€™s discussion was featured in Continuing Education
Ethics courses, while commonly required as part of the Continuing Education (CE) for Professional Land Surveyors, differ in terms of the specific requirements, the number of hours, and how these courses are integrated into the overall CEโ€ฆ
Nov 12
Justin Farrow favorited Justin Farrow's discussion Exploring How US States Differences for Ethics in Continuing Education in Continuing Education
Nov 12
Moreโ€ฆ