Preparing to sell your home?
As a vendor you are required to provide the purchaser a legal description of the property suitable to allow registration of documents recording the transaction.
If you are selling an older property it is likely that an updated description in the form of a Plan of Survey will be required.
Before you decide on the selling price, you should be sure that the current description is adequate. If a survey is required, you may wish to include the cost in your selling price.
Many times an up-to-date survey with iron bars monumenting the property corners is very worthwhile to clearly illustrate to prospective buyers the true limits of the property. It is important that a purchaser knows exactly what is being bought; and it is especially reassuring that the neighbors also know what is being sold.
Many vendors do not bother to have a survey prepared prior to listing the property, only to discover a few days before the closing that they have to pay for a survey to meet the requirements for an adequate description.
Worse still, a survey prepared for the purchaser (to meet the requirements of the mortgage company) frequently uncovers a problem that causes the sale arrangements to be cancelled. Disruption of moving plans, financial and legal arrangements and much ill will can be the result.