Who Orders the Survey in a Real Estate Transaction?
When it comes to purchasing or selling a property, there are several parties involved in the process. One important aspect of any real estate transaction is the survey. A survey is an essential step that helps determine the boundaries and physical features of the property. But who exactly orders the survey in a real estate transaction? Let’s find out.
In most cases, it is the buyer who orders the survey. This is because the buyer wants to ensure that they are aware of the property’s boundaries, any encroachments, or potential issues before completing the purchase. The survey provides crucial information that can help the buyer make an informed decision about the property.
However, there are situations where the seller may order the survey. This typically occurs when the seller wants to resolve any boundary disputes or ensure that there are no encroachments on the property that could hinder the sale. In such cases, the seller may order a survey to address any concerns before putting the property on the market.
Now, let’s address some frequently asked questions about surveys in real estate transactions:
1. Why is a survey necessary in a real estate transaction?
A survey is necessary to determine the exact boundaries of the property and identify any potential issues that may affect the purchase.
2. Who pays for the survey?
The party responsible for paying for the survey varies. In some cases, the buyer covers the cost, while in others, it may be negotiated between the buyer and seller.
3. How long does a survey take?
The time required for a survey depends on various factors, such as the complexity of the property and the workload of the surveyor. Typically, it can take anywhere from a few days to a few weeks.
4. Can I use an old survey?
Using an old survey may be possible, but it is recommended to get an updated survey to ensure accuracy and account for any recent changes.
5. What if the survey reveals encroachments?
If the survey reveals encroachments, it is essential to address them before proceeding with the transaction. This may involve negotiating with the neighbor or taking legal action, depending on the severity of the issue.
6. Can I choose my own surveyor?
Yes, you have the right to choose your own surveyor. However, it is important to ensure that they are licensed and experienced in conducting property surveys.
7. Is a survey required for all types of properties?
While a survey is not always mandatory, it is highly recommended for all types of properties to avoid any potential legal disputes or unforeseen issues.
8. Can I waive the survey requirement?
Waiving the survey requirement is possible, but it is not advisable. A survey provides crucial information that can protect your investment and minimize any potential risks associated with the property.
In conclusion, the party responsible for ordering the survey in a real estate transaction is typically the buyer. However, there may be circumstances where the seller takes the initiative. Regardless of who orders the survey, it is a vital step that provides valuable information to ensure a smooth and informed transaction.