Attaining a Land Survey When Buying Commercial Property

When you purchase commercial property, it may be required that you have a land survey done prior to completing the transaction. Whether or not it is a requirement of your contract, it is wise to ascertain all of the information possible about the land you intend to purchase. In real estate transactions in the commercial arena, buyers must beware. Once you sign and submit documents and agree to a sale, you may be stuck with unknown problems if you do not take precautions such as getting a land survey done on the property.

What Is a Land Survey?

Land survey is used to find out the complete details of a particular piece of property, including:

• Determining the property boundaries;
• A survey may be needed to divide or develop land;
• A survey can be used to create a topographic or hydrographic map of property;
• The measurements of any structures can be assessed through a surveyor;
• Land surveyors can assess environmental impact for land development plans;
• A mortgage survey may be required by a lender on mortgaged property; and
• Any other needed assessment of a parcel or multiple parcels of land.

If you are buying commercial property or involved in a land purchase contract, it is wise to obtain a detailed land survey to make sure you do not end up with later legal surprises such as encumbrances or easements. For example, if you purchase property which has a fence that extends onto another property's boundaries, the property owner of the adjacent property may eventually sue you for removal or worse. Knowing where your property boundaries lie and all other pertinent information is wise decision making when it comes to all kinds of land acquisitions.

Who Does Land Surveys?

A land surveyor should have a license to conduct such an operation under your state's law. To obtain such a license, a professional must undergo state testing and remain in compliance with local requirements. You can inquire as to land surveyor recommendations with your real estate lawyer who will likely have a few reputable professionals with whom he deals regularly.

Getting Legal Help

If you have questions about your commercial real estate transaction or the propriety of a land survey, a real estate attorney in your vicinity can help you with answers. An attorney will be skilled at negotiating contract terms, preparing documents and handling your legal real estate matters.