Terrace 24 Realty strongly recommends that all of their buyers purchase a survey prior to closing and have it recorded with their owners title insurance policy. For the reasons behind this, see our Reasons Every Buyer Needs a Land Survey article.
At Terrace 24, we always try to include a stipulation in the initial offer that gives the buyer the right to have a survey done any time prior to closing and that the survey must be clear so that Owner’s Title Insurance may be obtained with no exceptions. Most sellers and their agents are fine with this stipulation. The way the stipulation is worded, there is no timeline on this so we have all the way until closing to get this survey back. For that reason, we order the survey once all of the inspections and the appraisal comes back at or above the purchase price. The survey usually has to be paid when it is done as well and can cost anywhere from $375 – $500 depending on the type of survey and size of the property. We don’t want you spending this money until we are confident that the deal is going to close which is why we order it last.