When purchasing a home in New Jersey, there are many important considerations to keep in mind, including the need for a property survey. A survey is a recommended part of the home buying process that can help identify any issues with the property's boundaries or features. In this blog post, we will explore the importance of getting a survey when purchasing a home in NJ and provide some key insights to help you understand the process.

What is a Property Survey?

A property survey is a detailed map or drawing that shows the exact boundaries of a property, including any buildings, structures, or improvements. The survey may also include information about the location of utilities, fences, and other important features.

Why are Surveys Important?

Getting a property survey is important for several reasons. First, it can help ensure that you are purchasing the property you think you are. A survey can help identify any discrepancies or issues with the property's boundaries, which can prevent disputes or legal issues in the future.

Second, a property survey can help identify any potential issues with the property, such as encroachments or easements. These issues can affect the use and enjoyment of the property, and may even impact the property's value.

Finally, getting a property survey can help you understand the property's unique characteristics, including its size and shape. This information can be useful when planning future improvements or renovations, such as adding a pool, fence or expanding the home.

What about Corner Markers?

In the course of performing a survey in New Jersey, State law requires that a land surveyor place permanent markers at all property corners where none currently exist. You may sign a written waiver instructing the surveyor to omit this work. However, boundary lines shown on a survey map of the property may be difficult to locate accurately on the ground without markers denoting the corners of the property. Placing markers helps to avoid future disputes and enables you to identify the physical location of your property.

Surveys and Title Insurance

Title insurance protects the mortgage lender and the property owner (if insured) against claims to the property such as a disputed property boundary line. Most mortgage lenders require the home buyer to purchase a title insurance policy in the lender's name. This is called a Lender's policy. Title insurance policies do not provide coverage for encroachments, easements and boundary line disputes which would be disclosed by a current certified survey. This is known as the Survey Exception. Mortgage lenders routinely require a Survey Endorsement to their loan policies which limits the scope of the Survey Exception to the specific problems disclosed by the survey. In other words, a Survey Endorsement provides coverage against possible undiscovered problems involving encroachments, easements and boundary line disputes.

To protect yourselves as home buyers you should insist on an Owner's Policy with a Survey Endorsement based on a professionally prepared current land survey.

How Do You Get a Property Survey?

When purchasing a home in NJ, your real estate attorney can help you arrange for a property survey. The surveyor will visit the property and take detailed measurements and notes, which will be used to create a detailed map or drawing of the property. The cost of the survey can vary depending on the size and complexity of the property, but it is typically paid for by the buyer.

Conclusion

Getting a property survey is an important part of the home buying process in New Jersey. By identifying any issues with the property's boundaries or features, a survey can help prevent disputes and legal issues in the future. Additionally, understanding the property's unique characteristics can help you plan for future improvements and renovations. If you are purchasing a home in New Jersey, be sure to contact The Law Office of Joseph A. DiPiazza to arrange for a property survey or answer any questions you may have.