Buying vacant land involves more than just admiring the pretty views and dreaming of building your ideal home. It’s essential to know the exact boundaries and any hidden issues before making a purchase. That’s where land surveys come in handy.
Land surveys provide accurate information about the property lines, potential problems like easements and encroachments, and other boundary issues that could cause trouble later.
Understanding Property Boundaries
A land survey done by a licensed professional shows you the precise boundaries of the land you want to buy. This helps avoid disagreements with neighbors and any structures or improvements that might cross onto your property without permission.
Identifying Potential Issues
Land surveys reveal any hidden surprises on the land, like easements or rights-of-way. An easement is when someone else has the right to use part of the property for a specific purpose. Encroachments happen when a neighbor’s structure spills over onto your land without permission.
The Comprehensive ALTA/ACSM Survey
The most thorough type of survey is the ALTA/ACSM (ALTA) survey, recommended for vacant land. It gives detailed information about the legal boundaries, improvements, easements, and other important details.
Complying with Lender and Title Company Requirements
Sometimes lenders and title companies ask for an ALTA survey before providing a mortgage or title insurance for vacant land. Following their requirements ensures everyone knows the property’s details and reduces risks.
Seeking Professional Guidance
Understanding survey results can be tough, so it’s helpful to consult with a real estate attorney. They can explain the findings, what they mean for you, and how to handle any potential issues.
The Importance of Survey Approval Contingency
Including a survey approval contingency in your land purchase agreement protects you. It lets you review the survey results and negotiate with the seller if any concerns pop up. You can back out of the deal without penalties if necessary.
Conclusion
Land survey is a vital step when buying vacant land. It provides essential information about property boundaries and potential issues that could affect your plans. An ALTA/ACSM survey is especially thorough. Seeking help from a real estate attorney and including a survey approval contingency in your contract can give you confidence in your land purchase and prevent problems later on.
Core Geomatics is a professional land surveying company that can assist you in obtaining a comprehensive land survey. With their licensed surveyors and expertise, they accurately determine property boundaries, identify potential issues like easements and encroachments, and provide detailed ALTA/ACSM surveys. By engaging Core Geomatics, you can make informed decisions when buying vacant land and ensure a smooth and hassle-free property purchase process.
