Surveys are sometimes required. Some areas require a mortgage survey if the home buyer is using a mortgage loan to purchase a property. This guarantees the property is “as is” and should be without any encroachments. An example of an encroachment might be a neighbour whose garage overlaps the boundary of your property, or a fence you inadvertently erected on your neighbour’s land. All improvements also will be noted on this survey. Many places also require that the boundary of the land be surveyed. Make sure you check with a professional to find out exactly what your area’s specific laws require. Some places demand disclosure statements. It isn’t uncommon to mandate that a seller provide potential buyers with certain disclosures about the property being sold. Natural hazards, pest control, lead paint, as well as structural, mechanical, and zoning issues, are just a few samples of common disclosures. It’s often legally incorporated into the purchase and sales agreement. In Canada, real estate agents disagree about whether the document is essential or just a nuisance responsible for countless lawsuits. Names for the disclosure documents, and the specific rules related to it, vary by province, as well. An attorney or a qualified real estate agent can help you determine specifically what is needed, what you must disclose (and what you don’t), and how you can protect yourself from a lawsuit. A pre-inspection report is recommended. Usually, sellers aren’t required to have a pre-inspection performed, but it’s a good idea. A mortgage-lending bank will probably require certain inspections before loaning the buyer money to purchase your property. 75
Powered by FlippingBook