If you are looking into getting financed through a mortgage, a land survey may very well be required. Most mortgage lenders require an up-to-date land survey to verify the exact boundaries and contents of your property and to make sure that it is worth the money they are lending you, specifically the interest rate they are charging you. In all reality, your bank will expect you to cover the full cost of the surveyor’s fee as a part of the closing costs on your loan. And if you happen to get into any kind of trouble with the mortgage lender because you neglected to get a survey, the bank can easily file charges against you for fraud, or they can simply resell your property at a later date.
What You Need to Know About Land Surveys
A land survey will determine the exact boundaries of your property. This is important because it allows your landowner to build fences, shrubs, decks, and other structures without worrying about whether the walls will be visible from your neighbors’ property lines. Without a precise boundary line, there will be problems like fencing that extends to the edge of your neighbor’s property, and/or a fence that go through the boundary of another neighbor’s property without any clear dividing line. Having a land survey completed will also allow your landowner to determine the exact amount of money he or she needs to charge in interest for a loan. For example, if a bank requires that you borrow a certain amount of money with an interest rate that cannot be manipulated by your bargaining abilities, then a land survey will let you know exactly what the interest rate should be so that you can get a loan that suits your financial situation.
Land surveys are generally done by professionals called surveyors who have been trained to be impartial and have the knowledge necessary to draw accurate and detailed boundaries. They know where the boundary lines are and which ones are defining portions of another neighbor’s land or their own property. They can determine how wide and deep the water runs on your land as well as how wide any lakes or ponds are, and even where trees sit. There are many reasons why a land survey may be necessary. It may be necessary to define property boundaries, set up easements, construct a road, mark or enlarge a septic tank, build sidewalks, post markers, and put in a fence. Knowing why you need a survey will help you choose the best professional to complete the job.