Due Diligence: Survey Review
What is a survey review? A survey review is the process through which the information found on the survey of a particular property is compared to the information found on the property’s title and in case
What is a survey review?
A survey review is the process through which the information found on the survey of a particular property is compared to the information found on the property’s title and in case there is no title, it is compared to the square meters that the property has, as well as to its boundaries, which is done by an engineer and topographer. The idea is to determine if the information matches.
What is the purpose of a survey review?
Completing a survey review over a property could be of special relevance for transactions where the registered survey was not added to the property’s title, which often times happens for properties that have not had any changes in many years or affiliated properties that were registered while the condominium was still under construction. As part of the due diligence, it is important to verify that the survey is included at the same time at which closing takes place.
Many buyers decide not to hire an inspection on the property when they wish to buy to save some time and money; however, we do advise that this inspection be completed so that they know that what property measures they agreed to buy, and it does not have boundary problems with any neighbor.
As the opinion of an expert is required, the task most be completed by a provider whose responsibility is to provide visibility on issues, compliance or any other aspect of the property vs. survey that should be addressed or resolved before closing.
When should I request a survey review?
What is included is not always the same, this will depend on the location, the property and the buyer needs. A survey report to a rural zone is not the same to be performed on a condo, the same way the normal issues we find on a property at an agricultural zone are not the same we will focus if the property is located in the city.
Surveys can include but are not limited to perimeter surveys, “as built” surveys (shows a property in its current state), boundary surveys, foundation surveys, topographical surveys, land title surveys, all of which might provide the attorney with elements to detect potential issues affecting the property.
Due to the variety of the needs, commissioning a vendor on a specific field might be as relevant as to what is it to be evaluated, find or discard. It is of extreme importance for your advocate to obtain and review all relevant paperwork to obtain a good understanding of what is required as well as to count with a trustful experienced surveyor network with the necessary knowledge and skills for each task.
Each scenario will earn a different fee for the surveyor(s) inspecting the property or building.
When there are different surveyors involved, it is important for the various consultants to coordinate in advance so that they can all undertake their own piece of inspection, as well as to ensure that each of them have obtained the information they were looking for.
I already performed my survey review; can you review it?
Finally, it is very common to receive requests to review reports prepared by third parties. While this is not impossible, most of the times it is required to re-evaluate certain items for which another inspection will be required, making this practice time and cost effective.
If you have doubts about the work being performed, it is advisable not to move forward until you find a reliable attorney that can guide you through the process and guarantee that everything is being taken care of diligently per your specific needs.