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.

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