What You Need to Know About Property- Land Size and Surveys When You Buy a Home
Every wonder “where exactly is my property’s edges?
Look at your survey from when you bought your home !
What ? You didn’t get one?
You can still get one now.
First, in most states, the ownership of real estate is to established by documents recorded in the Land Records’ Office, often known as a DEED.
The whole point of a recording a sale or transfer or real property - even for a tiny strip of land - is to put the world on notice that ownership has changed through a legal process.
During a transfer via a purchase, buyers generally obtain title insurance to have against any future claims to the title of the property.
You should NOT skimp on title insurance!
As part of your title insurance purchase, a general boundary survey will be done - so you know where the “four corners” of the property are. A “metes & bounds” survey is one where literally all the feet/inches and landmarks are distinguishable.
Title Insurance will only cover what is legitimately the property that is transferred and covered by a survey. If there are any encroachments, easements or any other type of limitation of use of the property, the title insurance will create exceptions to the coverage.
The buyer should review the survey VERY carefully prior to purchasing the property. If there is anything unusual about the survey, the title company should inform the buyer as soon as the info is made available, NOT just at the settlement table when buyer cannot do much about it or ask the proper questions.
The title company will only ensure the legal description given to it. So, the new owner only has a right to make a claim against the title company on the land shown on the policy.
If there is any potential concern about a property’s boundaries, a buyer or their agent should get all the information possibly PRIOR to making an offer to avoid any confusion, disappointment or cost.
Call Cleo with any questions! 443-604-7721