Is Oklahoma Land Surveying Required for Closing a Real Estate Transaction?

Dec 26, 2022

When conducting a survey, Oklahoma land surveying professionals thoroughly research the area, make direct measurements, and document the property’s features. The resulting data can contribute to the success of various projects while reducing the risk of boundary-related disputes. Because of the information it provides, a survey can be helpful, or even necessary, before closing a real estate transaction.

 

What Oklahoma Surveying Services Can Help with Real Estate Transactions?

There are many land surveying Tulsa techniques, each involving a different focal point for the data. Depending on the scope and scale of the real estate transaction, you may require a boundary survey, ALTA survey, or both before closing.

 

Boundary Surveys

Whether the property involved in the transaction is vacant or already developed, it is important to know exactly where that property begins and ends. During a boundary survey, an Oklahoma surveying technician will define the land’s perimeter according to its legal description. This will ensure that all parties involved in the transaction are aware of any issues regarding the boundary lines, such as encroachments and undisclosed easements.

 

ALTA Surveys

Depending on the property, you may require a loan to assist with the transaction. Many lending entities and title companies require an ALTA survey before providing the funds, as these services involve a strict set of standards that ensure the loan is worthwhile for both parties. For this, the technician will:

  • Document the property’s perimeter according to its legal description, noting potential issues.
  • Evaluate all documented factors that could impact the boundaries, easements, and ownership.
  • Locate and define the location of improvements in relation to the property’s boundary lines.

The information shared in this highly detailed survey can assist with real estate transactions regarding both developed and vacant properties.

 

How Land Surveying Tulsa Assists with Real Estate Transactions

Surveying services will benefit the property buyer, property seller, real estate agents, and any involved lending parties. Getting a new survey may be needed before closing a real estate transaction because:

 

It Will Streamline the Process

When selling a property, resolving any issues regarding property boundaries and ownership before you find potential buyers is recommended. If you must pause the transaction process to conduct a survey and then fix the problem, the buyer may lose interest (especially if the fix is time-consuming).

 

It Can Solve Potential Problems

It can be costly and time-consuming to handle boundary issues like encroachments and undisclosed easements. A survey can assist with this by giving the involved parties time to solve the issue before it becomes a legal dispute. For the seller, it ensures they have the right to sell the land. The buyer will benefit because they will not inherit legal issues that are not their fault.

 

It Will Provide Proper Documentation

If the property has never been surveyed, it is essential to work with a technician before the real estate transaction takes place. This will ensure that the boundaries are set according to the deed. It is also important to get a new survey if the current one is old; this will ensure that the transaction is not based on outdated information.

 

Oklahoma Land Surveying Services

If you require a survey before closing a real estate transaction, working with the right technician is essential. At Sisemore & Associates, we have the equipment and expertise to provide accurate results. To partner with our land surveying team, please contact us.