Investing in a new home in Sydney is one of the most important investments you will make in your life. When you are buying something that is so expensive, it is quite logical to get precise information about its condition. This is where survey reports come into play.
Survey reports – explained
The term survey report is used for reports that are arranged to confirm the correct boundaries of any property. These reports also provide precise sketch of the area, and can also point out where the actual structures or improvements are located in relation with the boundaries. In this way, you can see whether the structures on the property are encroaching on to the neighbouring property. This activity is conducted by a Specialist Surveyor who is physically present on the location, surveys the property and provides written report (survey report) of the final results.
Is it necessary to get a Survey Report?
No. The laws and regulations don’t require getting such report and the final decision is left to the buyer. However, in the recent period the number of people using these reports is growing and this is especially true for the Sydney area.
So, the decision is in the hands of the purchasers. It is up to them to decide whether they will buy a property without checking the potential problems with neighbouring properties. Even though some people might look at this activity as an unnecessary investment, the fact is that survey reports will help you avoid long legal processes and many unpleasant situations. What is even worse is that these problems might not occur when you are buying the property. Most people experience them when some of their neighbours want to sell their own property. If we take a close look at the costs of survey reports and the cost of potential legal problems, the likely conclusions is that using Expert Surveyor is the right move.
What if you don’t obtain a Survey Report?
Of course, there is always a chance that nothing is wrong with your property. However, if you don’t opt for this solution you may face disputes between you and your neighbours. You can also expect expensive rectification works in case the council decides to issue orders related to demolition or some other work on your property. Finally, when you will try to sell your property, you will have to look for buyers that won’t opt for survey reports too.
How much does a Survey Report cost?
There is no general answer to this question because the final price depends on several factors even though the size and the value of the property play significant roles. Generally speaking, the price is usually lower than 0.50% of the value of the property.
So, even though Survey Reports are not necessary, more and more people are looking for a good Sydney Property Lawyer or Specialist Conveyancer to arrange a Survey Report for purchasers of property because this investment pays off in the long run.
DISCLAIMER: The content of this publication does not constitute legal advice and is intended only to provide a summary and general overview. We do not guarantee that it is current. You should seek specialist legal advice or other professional advice about your specific circumstances. Your access to this publication is not intended to create nor does it create a solicitor-client relationship between you and Unified Lawyers.
