Land Purchase: Critical Survey Considerations for a Successful Transaction
If you are planning on purchasing new land for home construction or development, you should ensure that a detailed survey is carried out before the completion of the transaction. Often, property buyers skip this important process because of the total costs of the survey. If this is your concern, you should remember that land purchase is an expensive investment which must be safeguarded. If you forego property surveying and a problem is discovered later, your financial losses could be debilitating. Here are the most important issues that you should address during the survey.
Accuracy of Information
You should confirm that the information on the contract and the deed match the physical piece of land that you would like to purchase. In simple terms, the property survey is an important process which will help you make sure that you are obtaining exactly what you have bought. The surveyor will discover the discrepancies and inform you, allowing you to make an objective decision. If you are purchasing a piece of land with a building, you should have the structure assessed separately. The property survey will not allow for the discrepancies in the promised building and the actual structure. You will need to commission a building survey for relevant information.
Boundaries Placement
You should know the placement of the boundaries for your new land before purchase. Often, people assume that the presence of a fence indicates the actual boundary. While this is true in most cases, it is important to obtain concrete data from a professional cadastral surveyor. If you do not have this information, you might end up dealing with a major dispute. For example, if you build a structure and it hangs over your neighbour's land, you could face legal repercussions. You should also note that the data on boundaries will be beneficial if you want to build a fence.
Subdivision Potential
Finally, you should inquire about the subdivision potential for your land if you are interested in developing it for profit. Land subdivision can be highly advantageous because you can sell each lot as an independent property and even keep a piece for yourself. Moreover, the process increases the marketability of wide tracts of land. A survey will help you decide whether you can improve your plot in this way. For instance, the process will show the real area of the land and the possibility of dividing it into legally acceptable lots.
Finally, you should remember to obtain information on the easements and encumbrances which might affect your land development work.
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