Survey of Property at Expense of Seller is a process that occurs during a real estate transaction in which a surveyor is hired to assess the property and create a report or map of the land. This type of survey is usually conducted at the expense of the seller and is done to make sure all the boundaries of the land are accurate, the property is free of encumbrances, and that the property is in compliance with applicable regulations. The surveyor will typically measure the boundary lines, mark any objects that may be on the property, and take measurements of any improvements or structures on the property. There are two main types of Survey of Property at Expense of Seller: boundary survey and ALTA (American Land Title Association) survey. A boundary survey is a visual survey of the property and its boundaries, including the location of any improvements or structures. An ALTA survey is more detailed and is typically used for commercial properties, including the analysis of title documents, an examination of legal records, and the measurement of existing structures.
Survey of Property at Expense of Seller
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FAQ
The One to Four Family Residential Contract has Paragraph 6C(1) checked regarding the survey, with the buyer agreeing to pay for a new survey if the existing survey is not approved by the title company or the buyer's lender.
Who pays for a land survey ? buyer or seller? The home buyer pays for a land survey, if they request one. Considered due diligence (much like a home inspection), a land survey lets the buyer know the details of the exact property they're purchasing, including property boundaries, fencing, easements and encroachments.
There is no universal rule or law that says who has to pay for a land survey. As a rule of thumb, the person who requests the survey is the one that pays for it. That means if you're selling a property and the buyer wants a survey of your land, they are responsible for footing the bill.
Yes, in order to protect both parties. The property survey is a record of the boundaries of the property. Most people will not buy without seeing it, and some sellers refuse to sell their property unless all parties have seen it first.
Is a survey required for closing in Illinois? No. The law in Illinois does not mandate a land survey when buying or selling a house.
For real estate surveys, the burden of hiring and paying for a property survey traditionally falls on the buyer as part of the due diligence process. Because it's the buyer or their title company that needs the survey, they are responsible for paying for it.
In the state of Illinois, if you own a single family home or a townhouse with its own lot number, and you are selling your property, your real estate contract will require you to provide a survey to your buyer dated within the last six months.