Real Estate Word of the Day: Survey
A survey, in the context of real estate, is a detailed inspection and mapping of a piece of land. This process is carried out by professional surveyors who use specialized equipment to measure and define property boundaries, identify topographical features, and document any existing structures on the land. The end product of this process is a survey report, which includes a detailed map or plat that outlines the precise boundaries and features of the property.
Types of Surveys
- Boundary surveys are the most common type of survey, used to establish the exact boundaries of a property. It’s crucial for determining property lines and resolving any disputes with neighboring properties.
- Topographic surveys focus on the elevation and contours of the land. It is especially important for properties that are being developed or renovated, as it helps in planning drainage, grading, and other land modifications.
- ALTA/NSPS surveys This comprehensive survey adheres to the standards set by the American Land Title Association and the National Society of Professional Surveyors. It provides detailed information on property boundaries, improvements, easements, and other critical aspects. This survey is often required for commercial properties and in transactions involving title insurance.
- Construction surveys are conducted before or during construction projects, this survey ensures that structures are built in the correct locations and adhere to design specifications.
Significance
Surveys precisely define the limits of your property. This is essential for avoiding encroachments and disputes with neighbors regarding property lines. Surveys can uncover easements or rights of way that may affect your use of the property. For instance, utility companies might have rights to access certain parts of your land. A survey is often required by title insurance companies to ensure that the property boundaries are correctly defined, thereby protecting both the buyer and the lender from potential claims against the property. For developers, a topographic survey is invaluable in planning the layout of a new construction project, ensuring proper drainage, and complying with zoning regulations. Having an accurate survey can protect you in case of legal disputes. It serves as a legal document that clearly outlines the property’s boundaries and features.
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!