Real Estate Law 102: Survey Objections
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Real estate business can range from straightforward transactions, such as purchasing a single-family home in a residential neighborhood, to more complex deals, like procuring a large commercial property with multiple tenants and existing lease agreements. While every buyer and seller’s top priority is a seamless, profitable transaction, there is one often-overlooked phenomenon that can significantly affect the immediate closure and long-term viability of virtually any real estate deal, irrespective of its scale. This phenomenon is known as survey objection.
In real estate law, a survey objection is essentially a formal request to clarify or correct any issue or discrepancy in a property survey.
The Essence of Survey Objections and Property Surveys
In a densely populated state like New York, which has strong economic growth, survey objection plays a critical role in facilitating informed decision-making in property transactions. Due to the state’s population, land scarcity, and high demand for rental and residential properties, Survey objections in New York real estate, if not properly addressed, can result in future legal disputes. These might arise with neighbors over boundary lines or with authorities over zoning compliance, potentially leading to costly litigations years after the initial transaction.
The Survey Objections Process: From Discovery to Resolution
To protect your interest as a buyer and ensure a smooth closing, it’s imperative that you understand the survey objection process and work closely with legal experts. The following steps outline the procedure for addressing survey objections.
- Conduct the Survey
Hire a licensed surveyor to carry out an accurate and comprehensive survey of the property.
- Review Findings
Compare the survey results with previous property records and carefully examine them to uncover any inconsistencies. You should also consult a real estate attorney to understand the implications of these findings.
- File the Objection
Submit a well-written objection within a stipulated timeframe. Ensure the nature of the discrepancy is clearly stated.
- Await Response
The seller is legally obligated to address or reject the objection.
- Negotiate
Here, you can decide to engage in negotiations in order to reach a mutually satisfactory resolution or explore other alternatives.
Legal Implications and Expert Guidance
Legal experts do virtually everything that ensures a seamless real estate deal, from professional legal guidance to protecting property rights, ensuring compliance with zoning and land use regulations, and preventing or resolving boundary disputes.
If you are looking to explore the endless stream of opportunities in the Empire State’s lucrative real estate market, the need to seek counsel from a reputable real estate attorney in New York cannot be overemphasized.
