What's a warranty deed? Why would a buyer ask for a survey, if seller has a w. deed from orig. plot lines?

Question

Yes I looked it up on line, but I don't understand what I read. Can someone put this in plain english for me?
I'm curious, because a buyer wants my 64 acres surveyed prior to purchase. Won't that cost a mint?

Answer 1

I work for a surveyor, so you are in luck! The buyer wants a survey so (s)he knows what they are buying and paying taxes on, exactly. What if there's a shed or fence over the property line or in an easement? They would want to know that. A 64 Ac. survey won't be the cheapest survey, but it all depends on what the deed reads and if there are improvements (house, etc.) on the property, ditches, wooded, etc. That all plays a factor in cost. I would imagine it would be under $1000. All states are different as far as what is required on a survey. I live in Indiana. So, good luck. Do you have any specific questions regarding your deed?

Answer 2

The warranty deed is basically like the title to your home or property. It describes who owns the property and normally the legal description which outlines the parameters of the property lines.

The survey which is very important also outlines the exact details of the property with basically a map of the property with footage of the property. Most lenders and title companys will require a survey at the closing of your sale so they know as well that the property is legit. An attorney will also look over it and the title company will not insure the deal unless a survey has been completed.

Also, a cost of a survey will start around 200.00 and go up from there. A large property will cost more I'm sure.

Answer 3

A Warranty Deed is the best type of Deed you can either give or receive. But any buyer with half a brain is going to want to have the land surveyed, particularly something as large as yours to make sure there are no "encroachments" on the property. ie: fences, buildings, etc that were put up after you bought it. It is usually a buyers expense

Answer 4

Yes, surveying 64 acres will cost probably upwards of $5,000.

A deed has a legal description, but it doesn't locate the property on the ground. A survey can uncover fence encroachments, among other things. Just becuase a fence is somewhere doens't make it the properyt line.

It also helps if they want to build-- you have to have a survey-- and then they can alreayd start seeing where they are going to put their home.

Answer 5

A warranty deed is just a guarantee by the seller to the buyer that they have the right to sell the property. The buyer wants to to have the plot visually marked where they can find the lot lines. They may want to parcel it into tracts. As long as they are paying for it I wouldn't object.

Answer 6

A warranty deed all it is for is to tell someone you own it without anybody else and it is a clear title. But survaying it is sometimes expensive depends who does it. But everytime you buy land or property there is always a new survey not unless the last time wasn't longer than 3 yrs.

Answer 7

A warranty deed is what you get in the case that the developer has clear title to the land being sold to you.

There are plots of land sometimes sold in developments that the developer is still paying off, and if they default on their note, you may be displaced.

Answer 8

If I understand correctly (as explained to me) during the course of ownership anything can happen to change that original deed, and this is sort of a guarantee that clearly "reaffirms" what exists

Answer 9

All the answers are good. Have the BUYER pay for the survey. They want it they can pay for it.

Answer 10

They come as cheap and dirty as dirt is. I have some dirty deeds that I just purchased for only $9.95 and that is a good deal for the dirty deeds I purchased.