There are various enquiries and inspections you should consider undertaking when purchasing a property. One of those is a Survey Report.
What is a Survey Report?
A Survey Report is obtained from a surveyor to establish that the improvements you wish to buy are actually located on the land you are buying and also to establish if there are any encroachments by improvements onto other properties or by improvements onto the land you are buying. A further purpose is to demonstrate that the house is positioned on the land in order to comply with Council’s set back requirements from the boundaries. The location of the fences may not be a true indication of the property boundaries.
How much does a Survey Report cost?
The cost of a Survey Report for a residential property consisting of a house and land usually starts at $1,000.00 and will increase depending upon the size and location of the property.
Do I need to obtain a Survey Report?
There is no requirement to obtain a Survey Report when purchasing property however, it is an important report you should consider obtaining.
What are the consequences of not obtaining a Survey Report?
There may be no consequences or you may find yourself in a situation where you have purchased a property and the structures on the property encroach upon neighbouring land. You will then have the potential added costs of addressing the encroachment including entering into negotiations with the neighbour for a boundary adjustment or easement for the encroachment, or having to upgrade or demolish the encroachment. You may also encounter difficulties or delays in selling the property if a subsequent purchaser identifies issues with the boundaries. Accordingly, the cost of obtaining a Survey Report at the time of purchase could assist in avoiding the added costs of dealing with issues in the future.
At Everingham Solomons, we discuss the inspection options available to permit purchasers to make informed decisions because Helping You is Our Business.
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