Don't Forget About A Survey When Buying A House In New Jersey
When purchasing a single or multi-family house in New Jersey, many Buyers do not want to spend the money on a property survey, which can range from $750 to several thousands of dollars depending on where the property is located and the size of the property. While surveys are not required by law in New Jersey, some lenders may require that a Buyer have a survey performed as part of the loan process. Even if not required by a lender, it is highly recommended that a Buyer obtain a survey of the property if the Seller cannot produce a recent survey that depicts the property in its current state. A survey is a detailed map that shows the boundaries of a property, as well as any structures, easements, or encroachments that may exist on or near the property. It is created by a licensed surveyor who uses specialized equipment to measure and map the property lines and other important features of the land. The surveyor also prepares a meets and bounds description, which is the legal description of the property included in the Deed and is used by the title company to insure the title to the property.
Reasons why to obtain a survey include:
1. A survey determines the dimensions and boundary lines of the property so a Buyer knows exactly what he or she is purchasing.
2. A survey will reveal and easements or rights-of-way on the property, including utility easements or any prior agreements permitting neighbors or other the right to use part of the land.
3. A survey will show any encroachments, such as a neighbor’s fence or shed being located on the property.
4. A survey will show all existing improvements on the property so that a Buyer can determine of the structures conform to existing laws, such as set-back lines.
5. A survey is often required by a municipality when a property wants to construct a pool, fence, shed or other improvement on the property. If you are entering into a contract to purchase property in New Jersey and have questions about obtaining a land survey, the attorneys at the Law Office of Edward V. Murachanian can represent you and guide you through the purchase process.
September 11, 2023