Order the Land Survey BEFORE Receiving an Offer
Avoid a last-minute crisis that craters the luxury home sales transaction and voids the contract. Or worse, leads to litigation!
Direct your attorney to order the plat of survey before receiving a contract offer. In cases where the plat of survey reveals encroachments, easements, or other concerns, addressing these issues before fielding an offer allows for timely resolution and prevents transaction delays or disputes.
Selling your home is a significant endeavor, filled with complexities and legal intricacies. Among the critical aspects of a real estate transaction, understanding the importance of the plat of survey stands out. For homeowners who have listed their property for sale and are awaiting offers, comprehending the significance of the plat of survey is essential. In this chapter, we will delve into the role of the plat of survey in a real estate sales contract, elucidating what a plat of survey is and emphasizing the importance of displaying visible evidence of improvements, rights of way, easements, and precise measurements of parcel lines.
Section 1: The Essence of a Plat of Survey
Definition of a Plat of Survey
A plat of survey, often simply referred to as a survey or property survey, is a detailed and professionally prepared map or drawing that accurately depicts the boundaries, dimensions, and physical features of a property. It provides a visual representation of the property’s layout, boundaries, and any significant elements that may affect its use and value.
Purpose of a Plat of Survey
The primary purpose of a plat of survey is to establish and confirm the exact boundaries of a property. It serves as a critical tool for buyers, sellers, lenders, and title insurance companies to understand the physical characteristics of the property and to resolve any potential boundary disputes or encroachments.
Section 2: Components of a Plat of Survey
Visible Evidence of Improvements
A comprehensive plat of survey includes visible evidence of any improvements on the property. This may encompass structures such as buildings, fences, driveways, or any other physical improvements that may impact the property’s boundaries or usage.
Rights of Way
A plat of survey illustrates any rights of way or easements that may affect the property. These could include public roads, private driveways, utility easements, or any other legal rights granted to third parties for specific purposes.
Easements
Easements, whether for utilities, access, or other purposes, are clearly defined on a plat of survey. This helps ensure that all parties involved are aware of the existence and location of any easements that may impact the property.
Use and Measurements of Parcel Lines
Precise measurements of parcel lines are a fundamental aspect of a plat of survey. The survey accurately delineates the length and angles of each property boundary, providing a clear understanding of the property’s size and shape.
Section 3: The Role of the Plat of Survey in the Sales Contract
Legal Requirement
In many real estate transactions, the inclusion of a current and accurate plat of survey is a legal requirement. It is essential for both buyers and sellers to understand and adhere to these requirements to ensure a smooth and legally sound transaction.
Buyer’s Due Diligence
For buyers, the plat of survey is a crucial tool for due diligence. It allows them to confirm that the property’s boundaries match their expectations and that there are no encroachments or boundary disputes that could impact the property’s use.
Seller’s Disclosure
Sellers are typically required to provide buyers with a current plat of survey as part of their disclosure obligations. This ensures that buyers have accurate information about the property’s boundaries and any existing encumbrances.
Section 4: Importance of Understanding the Plat of Survey
Accurate Property Boundaries
Understanding the plat of survey guarantees that buyers and sellers are fully aware of the property’s exact boundaries, reducing the risk of boundary disputes and potential legal issues in the future.
Transparency
Including the plat of survey in the sales contract fosters transparency, ensuring that all parties are on the same page regarding the property’s physical characteristics and potential encumbrances.
Resolution of Issues
In cases where the plat of survey reveals encroachments, easements, or other concerns, addressing these issues before closing allows for timely resolution and prevents transaction delays or disputes.
Protection of Investment
Understanding the plat of survey is essential for protecting your real estate investment. It ensures that you are purchasing or selling a property with a clear and accurately defined boundary, reducing the risk of future disputes or financial loss.
Section 5: Conclusion
In the intricate choreography of a real estate transaction, the plat of survey serves as the blueprint that defines the property’s boundaries and characteristics. Understanding the significance of the plat of survey, including its components and legal requirements, is fundamental to a successful and secure sale.
By embracing the importance of the plat of survey and including it in your real estate sales contract, you fortify your position as a seller or buyer. With a clear understanding of the property’s boundaries, visible improvements, rights of way, easements, and precise measurements of parcel lines, you can confidently navigate the complexities of the real estate market, ensuring that your investment is secure and legally sound.
Ultimately, a thorough understanding of the plat of survey guarantees accurate property boundaries, transparency, issue resolution, and protection of your investment, paving the way for a successful and secure real estate transaction.
Contact attorney Bob Schaller. He provides luxury home closing legal services to a luxury clientele who demand premier legal services. The Firm offers a 24/7 online status report on each client’s private webpage and a weekly email status report. Schaller Law proudly offers its Day 1 Done™ Action Plan with fast, prompt service without delay.