A survey shows the location of the strucures on the Property as they relate to the Property boundaries. Most surveys are house location surveys that do not include corner markers, but a stake and boundary survey is available at a higher price. Most lenders require their title insurance policy is free of a survey exception, while some lenders do require a survey. If a Purchaser waives a survey, with lender approval, there will be an exception in the Owner’s Title Insurance Policy and a defect of the Property may be missed.
Physical surveys are routinely required to ascertain whether others (such as adjoining property owners) have encroached on the property being purchased or that improvements on that property do not extend beyond the lot’s legal boundaries, are not placed over easements of record nor are there any violations of building restriction lines or other regulatory restrictions. (Surveys are not usually required for a refinance if the owner executes a survey affidavit which essentially says that he is not aware of any encroachments on the property.)
There are two types of surveys routinely encountered in residential real estate transactions. The most common is a House Location Survey which shows the location of all improvements with respect to the physically observed lot lines and easements of record. In this type of survey, corner posts are not set nor are flags usually placed along the lot lines. However, any existing monuments (e.g. iron corner pipes) will be noted on the drawn survey plot. In our area, the cost for such a survey is approximately $250-$350. Properties of an acre or more will have higher charges.
A more detailed Boundary Survey entails the precise establishment of corner posts and marking of the lot lines. The price for such a survey is negotiated on a case by case basis with the surveyor, but often is $500 over the price of a House Location Survey. Surveys are more expensive if the lot size exceeds one acre.
* All fees are subject to change and any extraordinary services will be subject to additional charges.