Should I have a survey done when buying my Denver home? It is an excellent question and one that isoften overlooked when buying a Denver home.The standard answer is no. Iwould estimate that 90% of all buyers do not get a survey done when buying ahome here in Denver. But is that thebest way to go?
To answer the question thoroughly, I turned to JonathanGoodman, Real Estate Attorney with Frascona, Joiner, Goodman and Greeinstein,P.C. According to an article written onthe matter by Mr. Goodman, œWhile it is prudent for buyers to obtain ILCs forall purchases, this article is not suggesting that the expense of a survey isnecessary for all transactions. So nowwe ask, what is an ILC and when is it prudent to spend the extra money for afull survey.
In the article, Mr Goodman states that an œILC is when asurveyor essentially estimates the described perimeter of the property inrelation to the property's improvements.Though notas rigorous as a survey, an ILC sufficiently reduces the boundary uncertaintyto induce title companies to protect lenders and buyer/borrowers from some surveyrelated problems. To summarize, themain advantage of an ILC is they are affordable, typically between $100 to$200, can be done in a matter of days upon ordering them and usually tell youeverything you need to know about the property lines of a home.
Sowhen is it necessary to get a full survey done? Mr Goodman advises that œif thebuyers identify specific needs (such as the need to build an addition) or theimportance of a deck, then buyers should consider incurring the expense, orasking sellers to bear the expense, of a survey. It would seem that getting a survey done onevery property would then make sense.But when you factor in that most surveys run $1,000 or more, youunderstand why most buyers and sellers are more willing to pay for the ILC andforego a full survey.
Regardlessof what you choose when buying your next home, it is certainly something tospeak with your agent about and another reason why having professional representationis so important. To read the fullarticles, click here: ILC's& Surveys.
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