I have been selling real estate in Knox County Ohio for more than 35 years and during that time I am often asked different questions regarding what is required when buying or selling a home. In this video we explore the question "Do I need a new survey when buying or selling a home?" The answer to this question will surprice a lot of you because in most cases a survey is not required in order to sell or transfer real estate in Knox County Ohio. However, there are cases where a survey will be required to meet the county court house and public records office requirements and more often, a survey is required by the buyer's lender or bank.
If you are buying an home and you are obtaining a loan you may be required to pay for a survey known as a "Location Survey". It's one of the least expensive type of surveys and it is essentually a print drawing that shows the lot shape, the line measurements, it locates the house and structures on the property you are purchasing. The location survey will typically locate the driveway, any outbuildings, easements, building setbacks, fences, patios, and decks are the most common items shown on the location survey. One of the most important benefits of a location survey is looking for an encroachment. This is where you might have a structure built into an easement or built over the lot line which is encroaching onto your neighbor. It is also possible that the location survey can identify your neighbor encroaching over onto your property. A survey like this is often required by the lender or financial institution that is providing financing for the buyer and it is generally disclosure as part of the buyer's closing costs in order to obtain the loan.
When a property owner is wanting to list and sell their home, I find that probably 9 out of 10 properties we sell do not require a full pin survey. In some cases even if the courthouse won't approve the current legal descrption it may not need a full pin survey. In some cases the property just needs a new or modified legal description. One of the things I look for when I am going to be listing a home is the owners current deed to the property. I look for a stamp on the deed that may read "Conditional, correction required for next transfer". This is a dead giveaway that the property is going to need a new survey or at least a new legal description. It is very important to know this early in the process because the top land surveyors are in strong demand and most can be scheduled a few months out. Knowing if your property needs a new survey in advance can save you from unwanted delays when it comes time for closing.
I specialize in in helping people buy and sell homes and land in Knox County Ohio. If you or someone you know are in the market for a home or land in Knox County Ohio, we would love to help you. Give us a call at 740-397-7800 - The Sam Miller Team of REMAX Stars Realty 710 South Main Street Mount Vernon, Ohio 43050 SamMillerSells.com
Comments(1)