Real estate transactions are extremely complex. Large sums of money and legal issues are often at the heart of real estate transactions. Title companies want to ensure that they are processing paperwork correctly when transferring the ownership of a piece of property.
Land surveys play an important role in defining property boundaries and settling ownership disputes. It's not unusual for a title company to require a new land survey before a real estate transaction can be completed.
1. Age of the Most Recent Land Survey
The age of the most recent land survey will come into play when a title company is processing any real estate transaction.
Each title company will set its own guidelines when it comes to the maximum age of an acceptable land survey, but most require that a survey be completed within a few years prior to the transaction date.
An older land survey is more likely to contain inaccuracies or errors as a result of the natural changes that occur on a property over time. Title companies want to avoid the risks associated with an older land survey, so a new survey may be requested.
2. Status of the Previous Survey Company
A title company will also take into account the status of the company that completed the most recent land survey when processing a real estate transaction.
If the land survey company has gone out of business in the time that has elapsed between the most recent survey and the real estate transaction, a new land survey will be requested.
The title company will not be able to ask questions or clarify vital information with the survey company if they are no longer in operation. Only a survey company that is still in business will be able to confirm the legitimacy of a land survey, and this is an important requirement for most title companies.
3. Significant Changes in Property Condition
It is rare for a piece of real estate to remain exactly the same throughout the years. Most owners will alter the property in some way. These alterations can include updated landscaping, the construction of outbuildings, or the demolition of existing structures.
A title company will want a new land survey if significant changes have occurred since the last survey was completed. Only a land survey showing the current condition of the property can serve as the basis for an effective real estate transaction.
For more information about having a land survey done on your property, contact a local company, or check out a website like http://www.burgetassociatesinc.com.
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