An Old Plot Survey Could Stop A Sale

Posted by wadmin on Monday, August 29, 2016

Stonebridge Mortage Group_Old_Plot_Survey_Could_Hinder_Sale

It’s important to have everything ready when you are looking to sell, so out plot survey on the list. Having an old plot survey of your home could hinder or even stop a sale. While you know nothing has changed on your lot, that piece of paper proves it to the buyer. 

While you say that nothing has changed in 17 years, the real question is proving that nothing has changed in 17 years. You could bring your plot survey (which might also be known as a plat of survey) from 17 years ago to the closing and give it to the buyer. But the buyer and the closing agent will want to know what, if anything, has changed on the property over the last 17 years.

What kind of changes might affect a plot survey? Over that time, you may have put up a new fence, added a side room or porch to the home or constructed a shed or gazebo in the back yard.

If you live by the water’s edge of a lake or river, the boundary of your land may have changed slightly. Over the years, you or your neighbors may have installed a new driveway, patio or other improvement. In some instances, utility companies may have obtained new easement rights and installed new electric poles, or you may have had new installations of sewer drains.

Although all of these items are generally perfectly fine, any one of these items could pose a potential title problem and hinder your sale. For example, if you put up a new fence and put it a couple of feet on your neighbor’s land, your neighbor could potentially require your buyer to remove the fence. Your buyer may be willing to take the risk, but it’s good to know ahead of time. But if, on the other hand, you built a side room on a part of your land on which building any improvement is prohibited, that could be a major issue for the buyer and kill your sale.

At Stonebridge, we are dedicated to helping you through the sometimes complicated selling process. If you need any buying or financing for your home or office, we are here to help. Check out all Stonebridge Mortgage’s services.

SRC: www.washingtonpost.com/news/where-we-live/wp/2016/08/29/how-failing-to-update-your-plot-survey-when-selling-your-home-could-kill-a-sale/

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