Having A Land Title Survey Completed Before Buying Commercial Property
Buying a piece of commercial real estate can be a major investment in a business. Due to the investments and commitment that is involved with this process, it is common for small and large businesses to be as thorough as possible when evaluating a potential lot to buy.
Land Title Surveys Can Provide A Range Of Useful Pieces Of Information About A Lot
Before committing to a particular lot to buy, it is important to have as much information as possible about it. To this end, a land title survey can be instrumental in providing you with the details that you will need to have confidence that a particular lot will be able to meet your needs. For example, these surveys will be able to confirm the boundaries of the property, the overall condition of any improvements that were made to the property, and the presence of title challenges and easements.
A Thorough Land Title Survey Should Not Meaningfully Impair The Buying Process
Having a land survey done can potentially save you from a property that will come with an assortment of complications and problems. However, individuals should not be worried that this type of survey will have a meaningful impact on the amount of time that this purchase will require. Rather, land title surveys can be both thorough and reasonably quick. A professional that offers land title surveys may only need a couple of days to complete the physical assessment of the property, as well as the research needed to determine whether the title is contested or if there are easements and other restrictions in place.
A Land Title Survey Can Be Essential During The Buying Process
While it is always advisable for businesses to have land title surveys done before committing to buying a particular piece of real estate, it can also be a requirement. There are many lenders that will stipulate the completion of this type of assessment before they will issue a loan for the property. Additionally, insurance carriers may have similar rules for issuing policies to these properties. Due to these requirements, a business should always plan to have this type of survey completed prior to buying a property. Otherwise, it may find that its liabilities for the property could be substantially higher than it originally estimated. As a result of these requirements, you should consult with any lenders or insurance providers to determine the process of sending the results of the land survey so that they can approve them.
Reach out to a company like PLCS Corporation to learn more.