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In a recent article,
I explained how various professionals are brought in to assist a home
buyer after a home goes "under contract." Several different professionals
are needed such as appraisers, inspectors, mortgage brokers, and closing
attorneys and several others are all critical to the process.
Thankfully, local resident Matt Wilson brought
to my attention that I had not mentioned a surveyor. As Matt explains,
"The survey is the only instrument that will identify occupation or deed
related problems. What happens if the shed is a little over the line?
What happens when a builder is a little over the line? What happens when
the real estate agent says, "don't worry I have a previous survey?" Usually
the previous survey does not show all improvements (i.e. a fence, driveway
addition, etc.).
"I do realize that a mortgage company will
insure over these matters, but they typically do not for the homeowner.
I also realize that these problems do not happen on every survey, but
yet I do realize that they happen on enough surveys to cause problems
for all involved.
"I see houses built over setbacks, driveways
on other people's property, fences built on Corp property, missing property
corners, houses inside of easements and the list goes on," Matt continues.
Very good points Matt! Thanks for bringing
this to our attention.
The survey is usually ordered by the mortgage
broker or the closing attorney. It usually costs around $200 to $300.
However, it can cost quite a bit more for homes on acreage. This fee can
be paid by the seller if negotiated as part of the contract. Since many
mortgage companies do not require a survey these days, you must specifically
request one if you want one.
On a related note, a title examiner is also
a very important member of the transaction team. This person is hired
by the
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