If you’re looking to buy a home, a property survey is something you may have come across. Surveys indicate things like right of ways, easements, boundary lines, and other important features of your property that you need to know about. It’s also worth knowing that if you’re buying a condo or townhouse, a survey generally won’t be necessary, as the corporation will own the actual land. Here are a few key things you need to know about property surveys and why they’re an essential part of the buying process.
What is a property survey?
A property survey is essentially a map that outlines all of the features of your property. This includes right of ways (which details other people’s rights to access your property, such as driveways or telephone lines), easements (rights that are assigned to the property), boundary lines (to outline where your property stops, and another begins), things like fences, and overhanging roofs from other properties.
Why are property surveys important?
Mortgage lenders and your insurers may require a property survey to carry out the property sale. Surveys help to form a clear picture of the property, which can help you to establish a clear price and potentially negotiate. If you want to put up a fence or garage, you need to know where you can build so you’re not accidentally encroaching onto your neighbour’s land. Plus, if you have a right of way running through the middle of your property, this is something you need to know before accepting the sale.
Who conducts the property survey?
A certified and insured land surveyor should conduct the property survey. They are experts in establishing boundaries for ownership, and know exactly what’s required of a survey. Do your research and shop around to find the best price, and look for word-of-mouth referrals and ask your friends or family if they’ve recently invested in property. Your real estate agent may also be able to make a recommendation.
If you’re looking to buy a home in Vancouver, get in touch today and we can help you find the perfect property and make the buying process a breeze!
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