Real Estate Law – What’s Important To Know About Surveys When Buying A House in New York?
- A survey is very important because without a survey a title insurance company will not insure your title.
- Title insurance companies need to see that survey in order for them to issue their policy because the survey shows you the exact boundaries and dimensions of your property.
- Surveys are also important because sometimes people are not sure of where their boundaries end.
- Often times in city properties, neighbors are closer to each other and their fences and very often times the fences are not accurately on the property lines and they encroach.
- It’s important to know what your boundary lines are or what the dimensions are.
- Surveys generally cost about $750 or to update an existing survey might cost about $150.
- Generally, the rule of thumb is if the survey is more than ten years old, you would need to get a new survey.
This short informational real estate law video was provided by Arnold Drucker, an experienced Jackson Heights Real Estate Lawyer.