What is the significance of a survey in real estate?

A survey plays a crucial role in real estate by depicting property boundaries and identifying issues related to the specific parcel of land. This involves outlining the exact dimensions and corners of the property, as well as revealing any encroachments, easements, or zoning violations that may exist. The information provided by a survey is vital for both buyers and sellers, as it ensures that parties have a clear understanding of what is being purchased or sold.

Having accurate boundary information helps prevent legal disputes with neighbors over property lines and clarifies what is included in the sale (e.g., whether a shed or fence is within the property boundaries). Additionally, surveys can reveal potential development issues or local restrictions that could impact the intended use of the land, thereby allowing prospective buyers to make informed decisions.

While surveys don't directly assess market value or set a sale price, and they have no role in outlining financing options, their function in clarifying and confirming property boundaries is essential in real estate transactions. This comprehensive portrayal of a property's physical characteristics ensures that all parties involved have a shared understanding, significantly reducing the risk of future conflicts or misunderstandings.