Insider Real Estate Reports Revealed!
If you have any questions about the articles discussed in this issue, please call me at 416-565-7445 or simply reply to this message. I would more than happy give you further information, or discuss your situation in depth.
This Issue
Do You Need a Property Survey?
Whether you're buying or selling a home, you may be wondering whether you need an up-to-date property survey. If you're the buyer, the answer is generally, yes - but there can be advantages to the seller as well. However, rather than simply relying on the short answer, you need a clear understanding of when and why you should have one done.
Property surveys are usually done for the benefit of the buyer. The original survey is carried out with the construction of a house. Over time, improvements may be made to the property, such as fences, a pool, garden shed, and so on. Additions to the house, such as decks, porches, or even an extension may also have been built after the original construction. As well, certain easements - that is, the right to access the property - may have been added to allow access to hydro or telephone companies for example. If such changes have occurred since the original survey, it's out-of-date, and therefore has little value in the real estate transaction
A property survey usually resembles a map, and includes a written description of the property. If the survey shows certain deficiencies, such as a fence located outside the property, the buyer can then ask the seller to correct the problem before completing the purchase. Your Right at Home Real Estate Professional Mike Perrin can prepare an offer to purchase that is conditional upon receiving an up-to-date survey that's acceptable to the buyer. Also, some lending institutions require the buyer to provide a current survey of the property being purchased before they will approve a mortgage loan.
Since having an up-to-date property survey is generally of benefit to the buyer, sellers who can offer a current survey for their listing will find it an attractive plus. Also, providing a current survey to the buyer helps ensure the correct information is properly disclosed, and that helps your sale to move smoothly to completion. It should be noted that not every transaction requires a new survey. It depends in part on when the last survey was completed, and what physical changes have taken place since then.
If a survey is needed, and no up-to-date version is available, you may be wondering who pays to have a new survey done. The time to raise this question is during the negotiations between buyer and seller. The seller is under no obligation to provide any such documentation, or to participate in the cost of a new one, unless it's spelled out in the offer. Ask your Right at Home Realty professional Mike Perrin for his expert advice on this and any other real estate matter.
Mike Perrin REALTOR® Sales Rep.
Right at Home Realty Brokerage
Phone:416-565-7445
Website: www.torontoresale.com
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