If you in the market to buy a home, you may be shocked at the ancillary costs associated with the purchase of a piece of real estate. Between the cost of a home inspection, title insurance, appraisal fees, origination fees, and more, you may be trying to save money at every opportunity that arises. If you are working with a mortgage lender that does not require a property survey, you may be considering forgoing the survey entirely in order to save yourself a few hundred dollars. This is almost invariably a bad idea, as a property survey can uncover issues with a property that could significantly affect its value and your ability to sell the home later on.
Some of the issues with a piece of real estate that a survey can reveal include the following:
- Encroachments – Sometimes, previous owners either encroached on another’s property or the current neighbor has encroached on the property you are considering buying. For example, if you purchase a home and later discover that your fence is on the wrong side of the property line, you may be able financially responsible for removing it and putting it in the correct location.
- Easements – Easements are a type of property interest that allows a party to use the property of another for a limited purpose. For example, if your property makes it impossible for a neighbor to get to the road without crossing your property, the neighbor may have an easement allowing him or her to cross your property. Easements can affect property value and use and should be identified prior to purchasing a piece of land.
- Setbacks – You may be considering purchasing a home that does not fit your needs as it is but would if you put an addition on the home. In some cases, setback regulations may thwart your plans. Setbacks dictate how far a structure must be from a property line, and a comprehensive property survey will make clear if your plans to improve the property are feasible.
Contact a New Jersey Real Estate Lawyer today to Schedule a Free Consultation
If you are considering buying real estate, you should consult with an attorney. Your lawyer will thoroughly evaluate the contract and other paperwork regarding the transaction you are considering entering into and also ensure that the property is as it is legally described. Edward V. Murachanian has more than 34 years of experience practicing law and has the experience and skill required to protect your legal rights. To schedule a free consultation, call our office today at 732-477-3030.