Property Surveys-What Is It All About?
What are property surveys?
Property surveys indicates and describes the boundaries of a certain land and its physical features. Before purchasing a land, it is important that you get a property survey so you can avoid problems when building a structure. People encounter disputes with their land when their neighbor will build close to their property line. The neighbor could face lawsuits if he or she will exceed in building in the land of another person. When the owner of the property will change it is important that they conduct a property survey.
If you want to apply for a loan because you would like to purchase a property, then you are required by the mortgage lenders to get a property survey. Even insurance companies require property survey. Even if the previous property owner conducted a property survey, the new potential property owner is still required to conduct the survey. There are actually states, that has laws and ordinances that it is mandatory to conduct a survey when the ownership of the property changes. Property survey will outline the part that is being purchased and provide the boundaries, zoning, acreage and the kind of terrain. Property surveys must be completed in six months.
Before property owners can conduct renovations in their property they will have a property survey. For example, they want to add another room, another driveway or a pool. The gas lines, sewage lines, telephone lines and public utility lines are indicated in the property survey. Those people that does not conduct a property survey, has a chance to destroy a line. If this happens, the property owner can cause danger and inconvenience. That is why property surveys are necessary so this kinds of inconvenience can be avoided.
Another benefit of property surveys is that it can avoid disputes. It is important that property surveys are very detailed so these kind of disputes could be resolved.
Property survey is conducted by insurance companies to confirm if the property will not cause any kind off risk to the company. Example, there are properties that are placed in flood zone areas, and these properties will need a flood zone rider. The flood zone rider can actually help in increasing the insurance of the property and it can also lower the risk for insurance companies. Those properties that are in locations that is really prone to floods will most likely file a claim to their insurance company.
Property surveys can be conducted in commercial areas and in residential areas. There are actually two kinds of residential surveys such as house location survey and detailed survey. House location survey is mostly used by mortgage lenders.
Property surveys are not only necessary but it is beneficial.
Suggested Article: go to this site