The Crucial Role of Surveys in Home Buying

When embarking on the exciting journey of purchasing a home in Brevard County, Florida, it’s necessary to do one’s due diligence to ensure a smooth and secure transaction. One crucial step in this process is obtaining a property survey. A property survey is a detailed map of the land, identifying the boundary lines, improvements and other physical matters that may affect the property to be insured. The results of these surveys can greatly influence the buying decision.

Understanding Property Boundary Lines

A property survey provides clear and accurate information about the boundary lines of the land you intend to purchase. Essentially, these boundary lines will show where your intended property ends. This helps prevent potential legal disputes regarding boundary lines in the future, giving you peace of mind about your investment and assisting towards a smooth closing.

Identifying Encroachments and Easements

Surveys can reveal any encroachments and/or easements on the property. Encroachments are unauthorized intrusions onto a neighboring property which are outside the boundary line or into an easement. This has the possibility of being an encroachment onto your land from a neighboring property, or your property encroaching onto an adjacent property. Easements grant someone else the right to use a part of your land for a specific purpose, i.e., the utility companies to maintain their cables, lines, etc. that make your home functional. Knowing about these aspects is crucial for making informed decisions and negotiating terms during the purchase of your home.

Uncovering Hidden Issues

Surveys can reveal hidden issues like land grading problems and even the presence of underground utilities, as well as identify the flood zone status of the property. Having this knowledge allows you to plan for potential future challenges and make better decisions regarding the purchase.

Compliance with Lenders and Insurance

Many lenders require a property survey to verify the property’s details before approving a mortgage. Also, insurance companies may require a survey and/or a flood elevation certificate before providing insurance coverage to ensure that the property is in fact insurable. Most lenders require a clear Florida Form 9 Endorsement (FF9) to their Loan Policy of Title Insurance. This endorsement ensures against violations of restrictions, encroachments into easements, outside of boundary lines and damage by reason of mineral development. This endorsement can only be given with a clear, unaltered survey.

When Should You Get a Property Survey?

The ideal time to get a property survey is during the early stages of the home-buying process before finalizing the deal, but not until the appraisal has been completed and determined to be of sufficient value for the loan. By completing the survey early, any concerns or discrepancies can be addressed before reaching the closing stage, potentially saving time and avoiding complications.

In conclusion, investing in a property survey when purchasing a home in Brevard County is a wise decision that can save you from future headaches and financial troubles. It’s an essential tool to ensure you have a clear understanding of the property’s boundary lines, and compliance with legal and financial requirements. Don’t underestimate the power of a property survey. It’s a critical component of a successful home-buying experience. For more information and expert guidance on navigating the home-buying process, feel free to reach out to our experienced real estate team. We’re here to help you every step of the way.