We want to save you the potentially expensive and deal-killer mistake of not delivering a survey on time – even if your reasons for delaying were valid. So when is the best time to deliver the survey, who pays for it and what conditions should you have in place as the buyer and seller?
When you’re buying real estate, generally speaking, a survey will be needed, And, of course, it’s negotiable who pays for the survey. If you’re paying for the survey, it’s very important that you deliver the survey in the prescribed amount of time that’s listed on the contract.
We recently purchased some land near Lockhart, Texas and we told the owner that we would deliver the survey within 60 days. We ran into a few hurdles during our due diligence and so we delayed in ordering the survey. The survey was finally delivered on day 87, which was three days before our option period expired. It found that we were actually getting two acres less than what was agreed upon on the contract. So, we went back to the seller and said, per the contract, we need to adjust the sales price down because we are actually getting less acreage. The seller had a very aggressive attorney and said we were in default because we did not deliver the survey on day 60, rather it was delayed or served on day 87. So, it’s really important that you make sure that you are delivering the survey on time.
We always recommend delivering the survey when the option period expires or even after because if you find something during your due diligence that kills the deal, you don’t want to have to pay for the survey.
If you’re the seller and you’re having the buyer deliver the survey, make sure that they promise to have the survey certified to you as a seller, because if they back out for some reason you should be able to keep that survey so you can use it when you go to sell to another buyer.
Feel free to reach out to us with questions or other topics you’d like to see covered.
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