The Importance of a Real Estate Survey
A real estate survey is used to confirm the boundaries of a piece of real property, and ensures that its legal description matches the actual property owned or being transferred. It is also used to determine any restrictions or easements on the property.
A land survey is a common part of a buyer’s due diligence that is often performed before a real estate purchase. Although it is typical to have a real estate survey ordered when buying or selling a home, it is also encouraged to have one ordered during the sale of a commercial property.
Types of Real Estate Land Surveys
The different types of real estate surveys are used to determine important characteristics and features of the property.
Property Lines and Encroachments
A real estate survey will identify the legal boundaries of a property. This can help avoid encroachments and other boundary disputes with owners of neighboring properties. An encroachment occurs when one owner builds something that invades another property owner’s space. Common examples of encroachments include new structures such as buildings or fences and overhanging tree branches or hedges that cross property lines.
Easements
Easements allow neighbors, government entities, utility companies, and other property owners to build structures or otherwise enter onto your land. An easement is a written agreement that permits entry onto your property and often involves some form of compensation for the limited right to use the land.
Elevation
When a topographical assessment is included in your real estate survey, the evaluation will address the contours, elevation, and other features of the property. This will address the exact elevation of the property and provide information about the type of building and the potential for flooding.
Hazard Areas
A real estate survey can also address potential hazards on the property. This can help you avoid costly errors caused by building on certain parts of the property and avoid problems caused by erosion, landslides, or land collapse.
Who Orders the Survey in a Real Estate Transaction?
In most real estate transactions, the title company will order a survey on behalf of the buyer. This ensures that the buyer receives what he intends to purchase. Once a survey has been ordered a land surveyor evaluates historical records and other data to identify your property lines. During this land survey any title defects that would negate the buyer’s title would also be identified.
If you already own property you may consider ordering a real estate survey before building on it, to avoid encroaching on your neighbor’s property or causing property line disputes. You might also consider ordering a real estate survey before you put your property on the market. This can help establish the property value and might be a selling point in a competitive real estate market.
Commercial Real Estate Survey
If you are buying or selling commercial real estate, a land survey can be even more important. This will help protect your investment and can confirm basic information about the property, identify zoning classifications, show the property in relation to other surrounding properties, and identify physical improvements such as landscaping, parking lots, utilities, etc.
There are three general types of commercial real estate surveys:
- An as-built survey can be used to show the relationship of a new building to the plans and land. These surveys generally do not include information on title or boundary issues.
- A boundary or land survey will locate and identify boundary lines between privately held parcels of land but often does not include the structures that have been built on the land.
- An ALTA (American Land Title Association) survey is the most detailed type of survey and is prepared according to standards adopted by ALTA and the American Congress on Surveying and Mapping (ACSM). These surveys show property boundaries, improvement information, and recorded title items such as easements and access.
Fremstad Law: Real Estate Lawyers Serving North Dakota and Minnesota
If you are considering buying or selling real property in North Dakota or Minnesota, the experienced real estate attorneys at Fremstad Law can review your specific issue and work with you to determine the best steps to move you forward.
Learn more about our real estate services, meet the team at Fremstad Law, and contact us today to schedule a confidential consultation to discuss how we can help.
