If you’re thinking about buying commercial property or expanding on the property you already own, a property survey could be an incredibly useful tool to ensure everything goes as expected with your latest vision. It may seem like an added expense at a time when you’re trying to save money where you can, but skipping a survey can be incredibly costly to your bottom line. In today’s blog, we explain why a land survey can be so beneficial if you’re buying or expanding a commercial property.
The Basics Of Land Surveys
A land survey, also commonly referred to as a property survey, is a process that provides a very detailed examination of a property. Some information that can be clearly outlined in a property survey include:
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Land size
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Land shape
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Specific location
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Properties boundaries
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Easements
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Zoning codes
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Infrastructure (power lines, sewage systems, utilities, etc.)
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Potential property or pollution hazards
As you can see, you’ll learn a lot about the property in question through a land survey, and this ensures that you don’t run into any surprises down the road. For example, if the property has a number of easements or you accidentally expand onto your neighbor’s property, you may have another major problem on your hands. Learn this information well ahead of time and adjust accordingly.
One reason that some people think that they can skip a land survey is that it’s not always required in order to get a loan or commercial title insurance. That said, title insurance isn’t going to cover an expansion that encroaches onto your neighbor’s property. If you find out that you need to remove part of the new fence you installed because you thought you were building in the right spot, but you weren’t, the money to correct this mistake will come out of your pocket, not the insurance company’s pocket. A property survey is a small price to pay for the peace of mind in knowing a great deal more about the property.
To know that the survey is done correctly and the information is provided to you in a timely manner, consult with a team of professionals with extensive experience in the commercial real estate world. At Commercial Partners, we can help conduct a land survey and map out everything you’ll want to know about a current or potential commercial property. Let us be an asset and protect your interests during your next commercial venture. For more information, give our team a call today at (612) 337-2470.