Definition
A survey is a professional measurement and mapping of a property that identifies boundary lines, improvements, easements, encroachments, and other physical or legal features affecting the land. Surveys are typically prepared by licensed land surveyors and are a key component of real estate due diligence.
What a Survey Typically Shows
- Property boundary lines and dimensions
- Building footprints and improvements
- Easements (utility, access, drainage, etc.)
- Encroachments (fences, structures crossing boundaries)
- Setback lines and zoning information (in some cases)
- Access points, rights-of-way, and adjacent streets
Common Types of Surveys
- Boundary Survey: Confirms property lines and corners.
- ALTA/NSPS Survey: Detailed commercial survey meeting lender and title standards.
- Topographic Survey: Shows elevation changes and terrain features.
- Subdivision Survey: Divides land into smaller parcels.
- Construction Survey: Guides building placement during development.
Why It Matters
- Title insurance: Lenders often require an updated survey to issue coverage.
- Risk reduction: Identifies encroachments or access problems before closing.
- Development planning: Confirms setbacks and buildable area.
- Dispute prevention: Clarifies boundaries to avoid neighbor conflicts.
Investor Uses
- Verify site size for density calculations
- Confirm parking counts and building placement
- Evaluate expansion potential
- Assess compliance with zoning setbacks
Example
During due diligence on a retail center, a survey reveals that a neighboring building encroaches two feet onto the property line. This finding may require a boundary agreement, title exception, or adjustment before closing.
Common Pitfalls
- Using outdated surveys that miss new improvements
- Failing to review Schedule B title exceptions against the survey
- Overlooking easements that limit future development
- Assuming lot size equals usable area