Buying a home is a big investment – likely one of the biggest you’ll make in your life. Because of this, it’s crucial to gather as much information as possible about your potential property before making that life-changing purchase. A critical part of this information gathering involves obtaining a property survey. You might have heard the terms ‘standard title survey’ and ‘meets and bounds survey’, and wondered about their differences. Today, we’re going to explain everything in a friendly, easy-to-understand way. We’ll also delve into the importance of understanding easements and setbacks. Buckle up and let’s demystify these real estate terms!

Why Do You Need a Survey When Buying a Home?

First off, why should you even care about a property survey? Well, a property survey serves as a map of your potential home’s exact boundaries. It will show the location of any buildings, fences, driveways, and other physical features. This can help you avoid possible disputes with neighbors over property lines down the line. Additionally, the survey can disclose if your house is sitting in a flood zone or if there’s an old well or cemetery on the property – things you definitely want to know before moving in!

The Standard Title Survey vs. Meets and Bounds Survey: What’s the Difference?

Next, let’s tackle the difference between a standard title survey and a meets and bounds survey.

Standard Title Surveys are the most common type of survey. They offer a comprehensive view of the property, showing the property boundaries, the location of all buildings, and any encroachments that may exist from neighboring properties. Title surveys are typically required by mortgage lenders and title insurance companies to ensure there are no legal issues with the property.

Meets and Bounds Surveys, on the other hand, are a little more old-school and are often used for large, rural properties. This type of survey uses physical features of the local geography, along with directions and distances, to define the boundaries of a parcel of land. The term “meets” refers to the boundary lines meeting at corners, while “bounds” refers to the boundary lines themselves. This type of survey can be a little more complicated to interpret, but it offers a precise way to describe irregularly shaped properties.

Decoding Easements and Setbacks

Now, onto easements and setbacks. These two elements can greatly influence how you use your property, so it’s essential to understand them.

Easements are legal rights that someone else may have on your property. They can allow utilities to run power lines, allow neighbors access through a path or driveway, or permit public access to a beach through your land. While easements might not seem like a big deal, they can affect where you can build additions, plant large trees, or install a pool, so knowing about them is crucial.

Setbacks, meanwhile, are rules specifying how far buildings or other structures must be set back from the property lines. Local zoning laws and building codes typically regulate these. Understanding the setbacks on your property can help you plan for future home improvements, like building an addition or a detached garage.

In summary, getting a thorough understanding of your potential home’s property survey, easements, and setbacks is an essential step in the home-buying process. It may seem like a hassle or an unnecessary expense at the moment, but in the long run, this information will empower you to make informed decisions and avoid potential disputes and legal issues. After all, your home is not just a place to live, but an investment in your future and worth protecting.

Additional Details on Property Surveys

Let’s go back to property surveys for a moment. Aside from showing you your property boundaries and the location of physical features, a survey can reveal so much more. For instance, the survey will tell you whether your property has any rights-of-way or easements.

As we mentioned earlier, easements can significantly impact how you use your land. Think of an easement as a sort of VIP pass someone else holds to access a part of your property. A utility company might have the right to dig up your backyard to maintain underground pipes, or a neighbor could have the right to cross your land to reach their own.

A right-of-way is a type of easement that grants passage through your property to another party. It’s important to note that while you can’t block a right-of-way, the individual or entity with the right-of-way typically can’t make significant changes to your land either, without your permission. It’s all about balancing everyone’s needs and rights.

Upgrading Your Home? Check the Surveys and Regulations

Say a few years later, you decide to upgrade your home with a beautiful new deck. Surveys are especially important here. For one, you’ll need to check the location of easements. You wouldn’t want to build your fantastic new deck only to find out it’s sitting right on top of a utility easement and have to tear it all down when the utility company needs access.

Setbacks come into play here, too. If local laws state that structures must be 10 feet away from the property line, you’ll have to factor that into your plans. If you unknowingly build your deck within this setback, you might face hefty fines and be forced to remove it.

Surveys and Selling Your Home

Finally, let’s say you’ve enjoyed your home for years, and now it’s time to move on. When selling, a recent property survey can be a big selling point. It gives potential buyers the same peace of mind that you enjoyed when you bought the house, knowing exactly what they are getting. It’s a win-win situation.

To sum up, buying a home is no small feat – it’s a journey that’s exciting, complex, and at times, quite intricate. Understanding these elements – the property surveys, the easements, the setbacks – are like having a detailed road map for your adventure. They empower you with the knowledge you need to make informed decisions. So when it’s time to take the leap and invest in your dream property, remember the importance of these documents.

As they say, knowledge is power, and in the world of real estate, it can also be the key to your dream home! Happy home buying, my friends!