11 May What’s the Difference Between Inspections and Surveys?
There are many moving parts and paperwork that can be confusing for even the most seasoned home buyer or seller when it comes to real estate transactions. The differences between inspections and surveys are one particular topic that generates questions, so we wanted to take this opportunity to discuss them in more detail.
The Home Inspection
A home inspection exists to examine the condition of the home. Title Insurance is foremost concerned with a home inspection. They will send out an inspector to the property to evaluate a list of items, including any recent renovations that may have been completed. Additionally, the home inspection ensures that the home’s address and location are correct according to what has been submitted. At the same time, the inspector will also verify that the current owner’s information is accurate. Inspectors will also review the property to check for any encroachments of improvements or easements.
Home inspections are a critical part of the home buying process, and they are generally required any time a property changes hands. While they are foremost beneficial to the Title Company so they can visually inspect the property for anything that might affect the home’s value, home inspections also offer peace of mind to buyers. It’s preferential to discover any glaring issues with homes at this stage of the buying process versus after escrow has closed.
The Home Survey
A home survey exists to establish and identify the property lines of a home. They are conducted by licensed surveyors who use specific tools and maps to determine property lines and any encroachments. Think of them as the Carfax of the home buying or selling process.
Home surveys are essential because they determine the exact measurements of a property and its lines. Surveys are beneficial to buyers, too, because they can help protect your investment by allowing a prospective buyer to understand where they can make future improvements. These would be things like putting in a pool, adding on to the property and increasing the square footage, putting up a fence, and more.
If we can help you with any additional questions that pertain to home inspections or surveys, please feel free to contact us. We are here to support you!