Hey, Tyler here with the Cash Flow Guys podcast. Today, in two minutes or less, I'm going to give you the three reasons why you should get a survey when you buy a property.
First one: you better make sure what you own. When you buy a survey, they come out and they basically map out the actual property that you're buying, based on the legal description and based on the contract that you have for purchase. By having a survey, you verify what you're actually buying. Wouldn't it be terrible if you bought the property next door and then you show up the day after closing and somebody says, “Whoa, what're you doing? You don't own this property.” Getting a survey will help avoid that situation from happening.
Number two reason is, there's a chance that the seller could have made improvements and ignored the previous survey. Just for an example, let's say the seller put up a fence. Before you buy the property, you can see on the survey where that fence lies. I can't begin to tell you how many times in the last 17 years I've been doing this that I've had people go to buy a house, to find out that the fence that they thought was theirs is actually on the neighbor's property.
You've technically encroached, or worse, the neighbor's fence is on your property. Now, in the state of Florida, if you don't do anything about that for seven years, they could have a claim to your property. Something you want to talk to a real estate attorney about.
Number three: sometimes the surveys are just flat wrong. Sometimes they do a number wrong, the markers are not found and they're making an educated guess. This is a way to verify that everything is correct. It's your money. Be smart about it.
Have a great day.