Smart Chattanooga Home Buyers Purchase Boundary Surveys

Smart Chattanooga home buyers purchase boundary surveys. Surveys are great tools. They are great representations of “real property”. What is a real property or boundary survey? It is a legal document…here is a definition from I am not a surveyor. So I am not qualified to speak to the merits of different types. I do know that some lenders require a “mortgage” survey or I have heard it called a “windshield” survey. That type of survey does not require corner markers. It’s primary function is to protect the lender and insure that an improvement actually does exist on the land that is being conveyed.

The buyers that I have the most professional respect for always purchase a boundary survey that requires markers. The most savvy have the title insurance exception for surveys removed. A couple of stories to help explain:

Early in my sales career, I sold an older home on Signal Mountain to a developer/builder. The home was for his personal use and not development. It was a turn of the century model and perhaps just over an acre of land. The home had traded about 5 or 6 times. He made a condition of the purchase and inspection a full boundary survey with markers. This was somewhat new to me and I asked him why. He said there are so many easements, variances, closed roadbeds, etc. that he ALAWYS purchased a boundary survey prior to closing. This was not a lender requirement. When the survey was done it showed the driveway of the neighboring property actually ran over the lot line 20 to 30 feet. The driveway was not asphalt or concrete but pea gravel. It turned out the previous owner allowed access across the property so they could save a tree. The agreement was never made in writing. When we went to closing, the survey was presented with language to the affect of “This survey is for the Benefit of Acme Title Underwriter, Acme2 Title Company, Acme 3 Lender and Dave Developer.” This way the title insurance policy will cover you in case of a boundary dispute. **(Important Note: Always ask the closer or closing attorney what are the “Exceptions” on your Title Insurance policy).

Another example of wise survey use was in a new subdivision. A concrete driveway was shown on a boundary survey drawing to encroach 3 feet onto the adjacent lot. The loan could not be made on the property until this was corrected. The correction was made through a boundary line agreement by both owners and the “line” was moved instead of the concrete driveway. The outcome would have been different if the adjacent owner wanted more big money for the 3 feet. The not so “minor” issue in this case was no sale would happen until problem resolved.

TVA or Tennessee Valley Authority has many power lines running through the Chattanooga Valley. The high voltage lines have restrictive easements deep into property lines. You may not be able to get a permit to build a deck or the addition to your home because of these power easements. Surveys should also show buried easements such as gas and sewer lines. It would be a sad day if your man cave garage would have to come down because you find out it sits on a utility easement that needs repair.

Country farm land, city slicker lot. (fences, pools, buildings, utilities, closed road beds, easements) Smart Chattanooga home buyers purchase boundary surveys.