Real Estate Surveys
A real estate survey is performed to provide a detailed information about a property and also check for areas that needs improvements; areas like fences, decks, additions, sheds etc. this information provided will be the determinant of whether the property will be purchased or not and if it’s also suitable to be acquired. A real estate surveyor will review the result of the survey and inform the client what values the property possesses and red flags if there is any. The surveyor is also expected to give advice to the client on what step to take. A survey also brings several other important factors into limelight, factors such as: restrictions, rights of way, recorded and non-recorded easements, covenants, common driveways and improvements. There are various types of real estate surveys and they include: mortgage location survey, boundary survey etc.
Mortgage Location Survey
This survey is carried out for business owners, title insurance companies and lenders to assure them that the mortgaged property also comes with improvements that secures the mortgage and also has access to a road. The objective of the survey is to please the mortgagee of the credibility and value of the property you’re purchasing. Perhaps you’re buying a property with a mortgage, mortgage lenders will require a proof of mortgage survey before the approval of the loan.
A boundary survey is carried out for individuals and cooperate bodies that requests the locations of the property lines on the ground. A boundary survey establishes the perimeter of a boundary according to the property’s legal document. It is a survey that is recommended before the purchase, subdivision or renovation of any property to avoid lawsuits, additional costs, and estate transaction risks. There are two components which a boundary survey is based upon, they are: land records research which constitutes of past surveys, easements, deeds, subdivision map title certificates etc. and field survey.
A valuation survey is a survey conducted primarily for a mortgage lender to determine the value of a property and evaluate it against the cost of the property to check if the property would recover the loan peradventure it is to be sold or repossessed. Valuations are categorized into desktop valuations whereby the property is evaluated based on the cost of similar properties and drive-by valuations where the surveyor looks at the property from outside or inside to get the detailed and needed information about the property.
A structural survey is conducted in cases where the property is dated or has been in existence for a very long period of time. The survey provides accurate information on defects or structure failure, repair and maintenance option of a property. These information are what the surveyor will work upon to provide the best choices the property owner can make. A structural survey will provide information that will determine if you’re going to proceed with the purchase or do otherwise, the survey also helps to understand the structural composition of the building and how best it can be maintained.