March 2017

Regardless of whether you are conducting a residential or commercial transaction, in almost all cases it is the responsibility of the seller to provide a survey for the closing of a land transaction. Section 6C(1) of the TREC contract states: “Seller shall furnish to Buyer and Title Company Seller’s existing survey.” If you are buying real estate, this sounds great from a financial standpoint – it means one less closing cost to worry about. Often a survey is overlooked because it is a relatively small ticket item in a closing compared to the costs of financing. However, if you look at the purpose of a survey, it is just as important because of what it determines.