Survey
Definition and meaning of Survey in real estate.
A survey is a precise, legal measurement of a property's boundaries, dimensions, and physical features conducted by a licensed professional land surveyor. It identifies the exact location of structures, easements, and encroachments on the land.
In more detail
Home buyers typically need a survey when purchasing a property to confirm that the boundaries match the legal description in the deed and that no neighboring structures encroach onto the land. Lenders and title insurance companies often require a survey to clear boundary-related exceptions from the title policy.
A survey helps prevent future legal disputes with neighbors regarding the placement of fences, driveways, or additions. Property owners planning to build new structures or install fences should also commission a survey to ensure compliance with local zoning and boundary lines. Rules regarding who pays for the survey at closing vary by state and local custom.
Key facts
| Category | Legal, Titles & Closing |
|---|---|
| Performed by | Licensed land surveyor |
| Required by | Mortgage lenders and title companies |
| Watch out for | Encroachments and easement conflicts |
Before closing on a home, a buyer orders a survey and discovers that the neighbor's new fence stands three feet inside the property line, creating an encroachment that must be resolved.
Frequently asked questions
How much does a property survey typically cost?
The cost varies widely based on the property size, location, and complexity, but a standard residential survey typically costs between several hundred and over a thousand dollars.
How long is a property survey valid?
While a survey does not officially expire, lenders and title companies often require a new or updated survey if the existing one is more than a few years old or if improvements have been made.