Before signing a contract to purchase real estate in North Carolina, make sure that you review a survey or plat map of the property with your real estate broker. This may seem obvious, but some people buy property without seeing a survey.
For most of us, real estate is the largest investment we will ever make - a survey helps protect that investment. This article summarizes problems that you can avoid by getting a survey and how to go about accessing a survey. A survey precisely identifies the boundary lines and corners of piece of real estate, not to mention the total acreage. Some surveys show the location of buildings, fences, driveways, etc. Surveys also confirm access to a public road, right of way or easement.
Without a survey, it can be difficult or even impossible to make determinations about these matters. The consequences can be serious, including, among other things: mistaken impressions about boundaries, corners and buildings; easements across property that are not visible; encroachments; total acreage discrepancies; and lack of legal access. Ask your real estate broker if there is an existing survey of property that you are considering. The survey or map you'll receive will be at least a few years old - your broker will know just how old. An old survey may be just as good as a new survey; and in many instances, you can rely on the existing survey. In some cases, your broker and your real estate attorney will advise you that it is too outdated.
The test is: whether your Title Insurance Policy will include "Survey Coverage". If you cannot obtain Survey Coverage for any reason, then make sure your broker writes the Contract so that closing is contingent on obtaining a satisfactory survey.
Be sure that the contract specifies who is going to pay for the survey. Survey costs vary depending on the size of the property, ranging from a few hundred dollars for small lots in developed areas, to thousands of dollars for large acreage in rural areas. Remember, surveys take time, so the closing date must be far enough out to give a surveyor time to complete the survey. The bottom line - protect your real estate investment with an Accurate Survey and Survey Coverage from your Title Insurance Company.
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