Buying commercial real estate can be a nerve-wracking experience. It’s something you want to go right so you can find a return on your investment and make your business grow.
To do this, you need to make sure you’re buying something that will earn you money. The best way to do this is by performing a land survey before you buy commercial land.
Let’s dive in to see why you need a land survey before you buy commercial land.
1. Buying or Expanding a Home
A land survey can be a valuable tool in helping you, your lender, and local authorities understand what you are buying or expanding. It will provide a clear understanding as to where your property line and boundaries are, confirm if there are any encroachments, and if any existing easements are in place.
The survey will provide information on specifics such as possible building restrictions, setbacks, or other potential development problems. With the information in hand, it’s easier to negotiate with a seller before closing or concluding an expansion project with local authorities.
In addition, a survey can provide an accurate base map with all improvements identified if you plan to look at expanding your home. Knowing the property lines will avoid any future disputes with neighbors about property boundaries. A land survey is a sound investment for any homeowner and can help you by giving you more control over your purchase or expansion project.
2. Avoiding Encroachments
Before committing to a commercial real estate purchase, it is highly advised that a land survey be conducted. This is particularly important if encroachments may be an issue.
An encroachment occurs when another entity’s property extends onto yours. Units such as power lines, sidewalks, and even parts of buildings are examples of encroachments.
A land survey will help identify these issues beforehand, saving you from costly legal disputes down the road. In addition, a survey can provide an accurate record of the property’s boundaries.
This allows the buyer to mitigate potential issues, such as utilities or other underground infrastructure occupying their property. Ultimately, a land survey detailing any potential encroachments can provide extra security when purchasing a commercial property.
3. Purchasing Title Insurance
When purchasing commercial land and title insurance, it is important to understand the reasons to get a land survey done first. A land survey determines the boundaries of a parcel of land to ensure it is actually the property you are purchasing.
Its purpose is to provide accurate measurements of boundaries and verify that the physical features match what is listed in the deed. Additionally, a land survey can also prove the existence of roads and any existing improvements.
Furthermore, getting a land survey done prior to buying commercial and title insurance can help to avoid potential boundary line disputes and protect you from potential property encroachment issues in the future.
Additionally, a land survey provides assurance that potential legal issues that would be covered by title insurance exist. Getting a land survey done is a crucial step to obtaining the correct title insurance for commercial land. Get more information on Alta Surveys by visiting some online resources online.
Learn About Buying Commercial Land
A land survey is the best way to ensure you are getting the exact land and terms you need when buying commercial land. Therefore, it should be an essential part of the buying process.
Speak with a qualified surveyor to learn more and begin your search faster and smarter.
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