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Archive for the 'Property Survey' Category

May 1, 2017

In an era when many lenders do not require a property survey when a mortgage is being organized for a buyer, and title insurance will suffice, surveys are still very relevant and the buyer benefits from having one.

Why would having a full survey be advantageous to the buyer even if they don’t need it to get their mortgage? A survey can reveal potential property-related issues on a deal like fencing that exceeds the property line or a roof from a detached garage that is over-hanging. These are issues that a buyer may want a seller to correct before a closing.

While the above issues, should they come up, may be resolved with title insurance – because they are pre-existing issues – then the next thing you have to consider is the what the buyer’s future plans for their property are. The buyer may have plans to do improvements on their home or property, such as a pool, a deck, an extension, etc. They may not realize that they’ll need a survey in order to complete them so it is always prudent when discussing the necessity for a survey to learn from the buyer what plans they have in mind.

Often, especially with older homes, it may come to light that the seller simply doesn’t have a survey. This could pose a real challenge because a buyer may demand it. If your seller doesn’t have it, it could delay or even derail your closing.

In any scenario, the seller will have to pay for a survey if they don’t have one, for whatever reason. The time it takes to replace the survey and cost will depend on a few factors. Here is what to do if your seller doesn’t have a survey:

Step #1 – Check to see if an existing historical survey is available online in GeoWarehouse. This is the path of least resistance because, if it is available, you can affordably obtain it for your client at the click of a mouse.

Step #2 – If it is not available online through GeoWarehouse, your next step will be to contact a surveyor or surveying company. Prices and timelines will vary by company – but first calling to see if they have a survey on file already can expedite the process and save your client money.

Step #3 – If it is not available online and the surveyor or surveying company does not have a copy of an existing survey, you will need to have one performed. This is the most expensive and time consuming scenario.

We hope that you have found this blog helpful and if you would like more information about how you can obtain a survey online please visit the NEW GeoWarehouse online today at www.geowarehouse.ca.

 

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rsz_online_real_estateMost real estate sales professionals in the province of Ontario use GeoWarehouse. With a GeoWarehouse subscription, you have access to a host of information and reports that you can generate about a property, by neighbourhood and even by an individual’s name. What some are less aware of is the GeoWarehouse Store itself.

The GeoWarehouse Store offers access to a host of paid, supplemental searches, documents, images and reports that help real estate professionals do the best job possible for their clients. In this blog, we cover three life-saving reports that are available in the GeoWarehouse Store – reports that can save your client big time!

Property Survey

While property title insurance may be acceptable to some financial institutions when financing a mortgage, it is not acceptable to most homebuyers. Most homebuyers want a survey. When a survey is not available, it has, in the past, been a major cost and inconvenience, especially when a new survey is required. Always check in GeoWarehouse first! When searching a property, if a survey is available, it will indicate this. You can then purchase a copy of the survey through the GeoWarehouse Store.

Instrument Image

While the use of Parcel Registers* has become commonplace, another tool you may not know that you have at your fingertips is the ability to look at Instrument Images. Anytime something is registered on the Parcel Register*, there is an associated registration number. This number can be used to retrieve the document that was registered against the title of the home. For example, if you look at a Parcel Register* and you see a lien, the Instrument Image will reveal who registered it and even their representative’s contact information. Instrument Images are available for purchase through the GeoWarehouse Store.

Insurance Claims Report

A fairly new addition to the GeoWarehouse Store is access to the HomeVerified Report. This report reveals insurance claims that have been made on the property being bought/sold. You can even look at insurance claims by a particular area. It also reveals if a property has ever been used as a grow-op. These are things that the eye cannot see and may or may not come up on a property inspection – this report eliminates any questions.

Now, the next time you are working on a deal and something comes up, like an unavailable survey or a title issue that requires more investigation, you are equipped with the information to know where you can go to get answers.

Find out more by visiting www.geowarehouse.ca.

*An official product of the Ontario government pursuant to provincial land registration statutes.

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No Property Survey? No Problem

Author: GeoWarehouse
July 4, 2016

geo1Surveys are a critical part of the property purchasing process. While the immergence of title insurance has left some relying less on surveys – any person who buys a home really should get a copy of the survey.

Why? Surveys reveal a lot. Surveys are similar to a map that outlines a property’s boundaries and structures. A property survey will reveal improvements to the land where new structures have been added or where the size of the property itself has been increased.

Surveys are also important because they mitigate the likelihood of future disputes over land and boundary lines – this commonly occurs when the time comes to put a fence in or construct a garage. This is not to mention that a survey may reveal that a neighbour has a fence or building constructed on the property that is being sold or vice versa. This can become a costly exercise should it come up after the new owner has taken possession of the property. Your client also may benefit from a survey if they plan to construct new structures or build on the property because the survey will help them determine where they can and cannot legally build.

This brings us to our next point – zoning. Depending on how your client plans to use a property, the survey will reveal restrictions with regard to zoning. For example, what if your client has plans to put in a double garage but the property is not zoned for one, or perhaps your client plans to use part of their property for a business? A survey can reveal these restrictions which may pose problems later.

Finally, a property survey is one document that says what is what. In cases where two properties are sharing something like a driveway, for example, the survey will outline exactly how much of the shared element is located on the property being sold.

The challenge here is that, especially in cases of older properties, surveys can easily be misplaced or lost. Historically, when this occurs the next step is to have a new survey performed which is very costly and takes some time. No property survey? No problem. Well, not having a property survey is a problem, but a lost or stolen one no longer is.

Property surveys are available to you online. Can you imagine the value you can provide to your client when they cringe telling you they can’t find their survey – and your response is ‘not a problem!’ If a survey is available online for your property, the time to get it is greatly reduced because it is expedited electronically and the cost is also far less than requesting a whole new survey.

Don’t have a survey on hand? No problem. Grab one today from the GeoWarehouse Store: https://www.geowarehouse.ca/marketing/features.php#Premium-Services.

 

 

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April 8, 2013

In most real-estate transactions, and even when there is title insurance, the lawyer who represents the buyer will often request a property survey. If you are a REALTOR® then you know that a property survey is often included as a clause in an offer of purchase and sale.

Some lawyers believe that a property survey is one of the most important documents in a real-estate transaction.

A property survey will reveal to your clients any conflicts that exist within the property’s deed. Show your client the property lines/limits, as well as anything that is encroaching on your property lines, things like driveways, fences, wells and even structures.

A property survey has become a standard buyer request, and it protects your clients from future problems with neighbours and even legal challenges.

When an offer of purchase or sale is made, timelines are sensitive. Sometimes sellers misplace their property survey which can in some cases put them at risk of losing a buyer. The survey could be fine, you and your client could be sure of it, there could even be title insurance in place – but still many buyers will demand a property survey as a condition of their purchase.

When a survey is misplaced, it can be an untimely and expensive problem. If you contact a surveyor, it can take one to two weeks or longer to have the survey performed, and the costs can be significant. So what can you do to save a deal when a misplaced survey is standing in the way? Get one online.

Real-estate professionals who use GeoWarehouse can obtain a property survey, on most properties, online through the GeoWarehouse store. When purchasing a property survey through the GeoWarehouse store, it will be immediately available for you to download and print.

You can provide the survey to the buyer’s solicitor and before you know it, your closing will be back on track!

It is always prudent when listing a home to ask your client if they have a property survey at the time of listing. This is a best practice that can save you from a last minute panic to get one. If you request a property survey when a new client engages you, you can learn if they don’t have one, check to see if one is available through GeoWarehouse and if for some reason it’s not, you will still have ample time to coach your client through obtaining one before a deal is underway.

Don’t let the absence of a property survey get in the way of negatively impacting your deal closing. They are important, expected and only an internet connection and GeoWarehouse subscription away.

If you would like more information about how you can obtain a property survey through the GeoWarehouse store please visit www.geowarehouse.ca or call 866-237-5937.

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