Legal Question in Real Estate Law in North Carolina
Survey
When purchasing a piece of property that was last surveyed 30 years ago and is in a rural community,what are the possible legal ramifications of not having a current survey prior to closing?
We have been waiting for the last 30 days for the survey to be prepared, but has been postponed repeatedly due to weather.
We would like to close next week but are afraid we might be putting ourselves in jeopardy. We fully intend to get the survey done regardless of whether it is done before or after closing, but aren't sure if we would be weakening our position if we waited until after closing. That is presuming it has some inconsistencies.
2 Answers from Attorneys
Re: Survey
Alot can change in 30 years and it is likely your purchase agreement and insurance policy has requirements that the survey be completed. You could potentially subject yourselves to additional liabilities that you would not be responsible for had you had the survey.
Re: Survey
Do not purchase real property without a title policy and current survey.
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