PROPERTY SURVEY CONDUCTED
A property survey, conducted during the home-buying process, serves as a crucial tool to determine many key findings. Defines Property Boundaries: The survey accurately defines and maps the property’s boundaries, helping you understand the exact dimensions of the land you are purchasing. This is vital for avoiding disputes with neighbors over property lines. Identifies Easements and Right of Ways: It reveals any easements (legal rights for others to use the property for specific purposes, like utility maintenance) and right of ways that may exist on the property. Locates Structures and Improvements: The survey shows the location of the house and other structures on the property, ensuring they are within the property boundaries and comply with local zoning regulations, building codes, and setback requirements. Unveils Potential Issues: It can uncover issues that might need resolution before purchase, such as encroachments (where a neighbor’s fence, building, etc., extends onto the property) or discrepancies in property descriptions. Assists in Future Development: For buyers planning future renovations or additions, a survey provides a detailed layout of the property, which is essential for planning and obtaining necessary permits. Overall, a property survey provides a clear, legal depiction of the property, offering you a precise understanding of what you are purchasing and helping to prevent future legal disputes or compliance issues.
HOMEOWNERS INSURANCE
Securing homeowners insurance is an essential safeguard, protecting your investment in your new home against unforeseen damages and liabilities. It’s a key step in the home-buying process and is typically required by lenders to finalize the mortgage. Inspection Requirement: Some insurers may require a home inspection before finalizing the policy to assess the condition of the home and identify any potential risks or necessary repairs. Proof of Insurance for Closing: The buyer must provide proof of homeowners insurance to the mortgage lender before closing. Lenders require this as assurance that their investment in the property is protected against damages. Policy Activation and Payment: Finally, the insurance policy is activated, typically starting on the day of closing. The first premium payment is often due at this time, and it may be included in the closing costs.
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