What is a Surveyor's Real Property Report?
A surveyor's Real property report is a legal document that clearly illustrates the location of all visible public and private improvements relative to property boundaries.It generally takes the form of a plan or illustration of the various physical features of the property along with a written report highlighting the surveyor,s opinion or concern.The plan and report may be combined on one document.
In a real estate transaction the surveyor's real property report can be relied upon by the purchaser,the seller,the lending institution ,the municipality ,the Realtor and all other parties to the transaction as an accurate representation of the property.
Who needs a Surveyor's Real Property Report?
Property owners (purchasers),to ensure
-that the extent of the property being purchased is the same as described in the Offer to Purchase.
-that the boundary location is known and the deed describes the property accurately.
-that pertinant fences,trees,buildings,gardens,embankments,driveways,walkways,swimming pools,house additions and other improvements are within the boundaries.
-that others are not entitled to partial use of the property through easements or right-of-way.
-that the property conforms to municipal requirements.
-that the mortgage will proceed without delays.
Propery Sellers(Vendors), to provide:
-confidence in the purchase for the buyers by verifying the size and extent of the property.
-protection from potential lawsuits resulting from problems related to property boundaries and improvements.
Realtors,to provide:
- a visual representation of the property for sale
-information to avoid delays in completing property transactions.
-protections from potential lawsuits resulting from misrepresesntation in the Offer to Purchase related to property boundaries and improvements.
Source from The Assosciation of Onatrio Land Surveyors, www.aols.org