'Ask Legal Neil' - Should I get a Property Survey?
We have our second question for 'Ask Legal Neil'
Q: Should I get a survey of my dream home which I intend to buy? If so, what should I do next?
Great news on your planned home purchase - it’s probably been quite a search!
You’ve likely determined that your finances are adequate so you’ll now need to look at the home itself.
Surveys can identify problems and provide useful material to help you decide whether or not to proceed, re-negotiate the price or have any problems rectified by the Seller before closing.
Here are some recommended next steps:
• Have your own building survey conducted as not all structural and other problems may be visible to you. Fixing any problems after closing your home purchase will be at your expense and no one else’s.
• Have a good look at the home (inside, outside and the roof space) and its services including the tank and sewage system. Ensure electrical outlets and any major appliances included with the home are working.
• Check that the property boundaries are staked in accordance with the plan or else the Seller will be obliged to do so before closing.
• Ask in advance about your chosen surveyor’s insurance cover. Even if a survey is found defective, a professional surveyor may have insurance against a negligent survey.
• Secure legal representation. As with all complex matters of law, do not sign any legally-binding sale and purchase agreement without first obtaining legal advice.
• Tell your lawyer if there have been any recent alterations/works at the home.
Neil Molyneux is a member of the Property Practice Group at Appleby (Bermuda) Limited.
The above content should not be used as a substitute for professional legal advice. Before proceeding with any matters discussed here, persons are advised to consult with a lawyer
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