Do you need a property survey when purchasing property in New Jersey? It it is important to know what property and land you are going to own to the fullest extent possible. One of the ways to do this is to hire a professional to perform a survey of the property. There are several different types of surveys you can conduct, each providing different information.
What is a Property Survey?
A property survey is when a qualified professional measures and prepares a report of a property’s land, borders, structures, and other elements. A property survey should also reveal any easements you may need to take note of. An easement is when you share access to some part of your property, sometimes with a company or individuals. While a property survey is not always required when purchasing a property, it is advisable to ensure you know what you are purchasing.
What Types of Property Surveys are There?
There are several types of surveys to consider when purchasing or evaluating a property. Each serves a different function and level of analysis.
An ALTA survey is one of the most common types of surveys to perform. This stands for the American Land Title Association survey. It abides by the standards set forth by the American Land Title Association, usually detailing where boundaries are located, utilities, major improvements, easements, as well as optional items. These optional items may include flood zones, surrounding roads, and measurements of structures.
If you would rather not have as detailed of a survey done, but still want to know the specifications of your property’s boundaries, a boundary survey might be a good choice. This will still allow you to evaluate the boundaries of your property, easements, and surrounding roads and structures.
Finally, there are topographic surveys. These surveys focus on the physical features of a property such as land elevation, contours, and flood locations. This will give you ample information about how to best prepare for natural threats like flooding.
Why is it Important to Conduct a Property Survey?
Conducting a survey on your property may feel like an unnecessary expense, but it can prevent a lot of problems in the future. The survey will alert you to possible property issues such as easements, encroachments, set back violations, and boundary lines on the property. Surveys serve to identify possible issues and provide you a thorough understanding of the property you own or are considering owning.
If you have any further questions about surveys and their importance in a real estate transaction in New Jersey, please contact Ward, Shindle & Hall.