Purchasing a home or a property is probably the most important and most expensive investment that you will have in your lifetime. Because of this, we will always want that the property that we are about to buy does not have any problems with regard to its title and legalities
Why are identification surveys important?
In every land purchase deal, there are basically three players that are involved, namely: the property vendor, the purchaser and the mortgage company or Bank.
For the vendor, an identification survey is important because it discloses all the defects that the property may have. A purchaser may ask the vendor for a current identification survey to verify the land described in the Contract for sale. If the vendor refuses to show a current identification survey, it may give the purchaser doubts that the land has hidden defects which can ultimately give the purchaser the right to rescind the contract.
Mortgage companies or Banks will want security on any property that they will get as collateral. If you wish to seek financial help in purchasing a property, most mortgage companies or Banks will ask for a current identification survey and not rely on a survey affidavit. A current identification survey will give both the purchaser and the mortgage company piece of minds that the property title that they will purchase is clean and has no legal issues.
Another importance of a current identification survey is that it shows any encroachments that have been made against or for the property being sold. Property line encroachments are serious concerns and can cause grave property disputes
When you plan to purchase property whether or not you are going to pay in cash or through a mortgage, a current identification survey will prevent you from making the mistake of purchasing worthless land or land that will give you lots of problems in the future.