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A survey is an overhead line drawing of a piece of real estate,
showing the measurements and boundaries of the land and it’s
improvements, such as any buildings on the land and their relation to
the lot lines. The survey can show pools and additions, fences,
right-of-ways (easements) in favour of neighbouring properties,
utility companies or for drainage. A survey also shows the location of
survey bars marking the property’s corners. If this document is not
prepared by an Ontario Land Surveyor, dated and signed, then it is not
a true survey.
A survey can answer many questions for a property owner, for example:
is the building entirely on the land purchased? Where can I put my
fence? Who do those trees belong to? Can I put a pool under the hydro
right-of-way? Can I build my deck over the drainage right of way? With
a survey, all these questions and many more can be answered. Think of
a survey as a reference point.
When purchasing property it is important to keep in mind that if a
mortgage is required, the bank will be very interested in an
up-to-date survey in order to determine the full extent of the
seller’s title. The bank may agree to waive their requirement for a
new survey if the home is fairly new, or if there is an existing
survey and the seller agrees to sign an affidavit stating there have
been no changes to the house or property.
With the growing popularity of title insurance in recent years, there
seems to be a widespread misconception that it is no longer necessary
to have a survey for a property purchase. The fact is, aside from the
deed of ownership, a survey is probably the most important document in
a real estate transaction. Nothing can replace a survey or provide as
much information to the property owner about the extent of the title.
Costing a small fraction of the purchase price, an up-to-date survey
could save thousands of dollars and a lot of frustration down the
road, title insurance or not.
If I can be of any help to you, your friends, relatives
or associates, please do not hesitate to
contact me. Your referrals are greatly appreciated. |
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