Should a Prospective Purchaser Obtain a Survey of the Property?
Recently, many people who are purchasing real property have been reluctant to spend the money to obtain a survey of the property they are purchasing. However, in most circumstances it is obtaining a survey is vitally important and it is money well spent. Also, if the purchaser is financing the purchase with a mortgage loan, the lender will almost always require a survey before closing.
Surveys are performed by licensed surveyors who are subject to regulations imposed by the State of New Jersey. A survey will locate any structures and other above ground improvements on the premises, including fences, identify easements the property is subject to and provide the purchaser with the property’s dimensions. It will show the exact boundaries on the deed – which sometimes yields surprises.
There are many reasons why you should obtain a survey prior to closing (beyond it being required by the lender). These are some of the universally applicable reasons to get that survey: