We're sharing the most common situations we see that delay a closing and how they can be avoided with a well informed and proactive listing agent.
A survey is typically performed to locate the boundary corners of a piece of property to show the owner the extent of their property. Besides boundary lines, a survey will define any overlaps, gaps, or gores, any rights-of-way, easements, or abandoned roads, encroachments, overhangs, or projections, cemeteries, access, ingress, and egress.
A survey will always be required when obtaining financing unless the property is a Condominium (then the survey is included in the Declaration of Condominium and is recorded in the Public Records). Townhomes are not considered condominiums, even though they are attached. Surveys are required for townhomes. Surveys can cost anywhere from $400-$1500, so it is great when a survey is existing and it can be used for the home buying process. There are many factors that affect the eligibility for the acceptance of an existing survey.
** Title insurance companies cannot accept a survey is the surveying company is no longer in existence **