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Reply to "Biggest RE lessons learned/mistakes made"
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[quote=Anonymous][quote=Anonymous]This didn't happen to me, but I am aware of cases where people didn't get a new survey when they bought a house. The old survey they were given by the developer turned out to be wrong, and the house was partially built on someone else's land. In the state where this happened, title insurance didn't cover it, and the buyer couldn't pursue an action against the surveyor, because they weren't privy to contract with the surveyor (the builder was). They were SOL (the builder was long gone). Short version -- when they ask you if you want your own survey, it's no time to cheap out. [/quote] I was about to post to always get a survey (except for a condo) and particularly for a townhouse. If my buyers won't spend $350-$400 for a survey, I will pay for it. I don't want the type of issue the poster described to come back to haunt me. Also, insist that the settlement company get the survey as soon as possible and give it to you well before settlement. Settlement companies try to pooh pooh a fence "meandering" two feet into your property or the neighbor's shed that encroaches a few feet onto your property and urge you to "be nice" to the neighbor. These are things that need to be resolved well before the settlement date with the seller. Do no inherit someone else's problem. Whatever you do, do not take a survey from the seller that could have been done 20 years earlier as correct. Easements appear, trees and shrubbery grow, regulations change. If a builder of a new home gets a survey, ask that it be updated. I once had buyers walk away at the settlement table because the updated survey we had showed that the garage was built several feet within the building restriction line. It could not be fixed without tearing down part of the garage and reconfiguring the house. Two weeks later, someone else bought the house and they are now sitting on a time bomb waiting for either the County or the next buyer do point out the problem with their property.[/quote]
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