Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,194,067 members, 7,953,256 topics. Date: Thursday, 19 September 2024 at 01:08 PM

Real Estate Transactions And Out-of-date Boundary Surveys - Properties - Nairaland

Nairaland Forum / Nairaland / General / Properties / Real Estate Transactions And Out-of-date Boundary Surveys (172 Views)

The Importance Of Patience In Business/Real Estate Transactions / Applicable Laws To Property Transactions And Practice In Nigeria / Important Documents In Land Transactions. (must Read) (2) (3) (4)

(1) (Reply)

Real Estate Transactions And Out-of-date Boundary Surveys by Geomartinsurvey(m): 12:27pm On Jan 21, 2021
Real estate transactions or situations includes the following; home sales, boundary disputes and many others, a boundary survey is an important part of the process. Boundary surveys help with everything from defining property lines to placing the proper value on the land tract, and it’s important for the survey used in a given real estate situation to be accurate and up-to-date for these reasons.
At Geomartins & Associate, we’ve provided numerous residential surveyor services to the real estate world over our years in business, including everything from standard boundary surveys to Topographical surveys, Drone services and many other solutions. In certain cases, Government Agencies involved in real estate transactions may reject the use of certain surveys if they are not up-to-date – let’s go over a few of the specific reasons for rejection here, plus what you’ll have to do to ensure accurate records are used, including the potential for having older survey measures fixed.
Age of Survey
For starters, many Government Agencies will not use a boundary or property survey that’s past a certain age. This will depend on the Government Agencies in question – some may be fine with surveys that are under five years old, but others may be stricter and require lesser years for certain projects.
The reasons here are fairly straightforward: Older information is more likely to be inaccurate based on changes to the property since it was carried out. Government Agencies want to avoid any such risks.
Record Copy not lodge
In other cases, if the surveying company that originally performed the work did not lodged record copy of the said survey plan with the relevant Government Agencies, the survey plan will rejected.

Changing Property Conditions
Another common reason for a rejection of an older boundary survey is that the conditions of the property in question have changed significantly since said survey was carried out. This can refer to any work that’s been done on landscaping or fencing areas, from porch additions to pergolas, retaining walls or any others. If such work has been performed, it would be unrealistic for the title company to issue a policy based on older, out-of-date information.

(1) (Reply)

Advertise Your Real Estate Free On Www Naija2day. Com / Plots Of Land Sold For 350k,. 500k , 650k And Flexible Payment Plan / 3 Bedroom Completed At Lekki Ajah For 28M Naira

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 8
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.