A professional surveyor charges a property survey fee to conduct a survey and create a drawing of a landowner’s or homeowner’s property. The drawing shows the property’s boundaries, improvements such as fences and pools, and any encroachments or easements on the land.
Mortgage lenders often require a buyer to get a property survey before finalizing a loan.
According to the Federal Reserve Board, a property survey fee can range from $84 to $600. The median cost is $154. Usually property surveys cost approximately $350 for a standard home sale transaction.
How the Fee Is Determined
The fee depends on a variety of circumstances, including the property’s size, shape, terrain and accessibility. Home buyers can choose the surveyor and, therefore, shop for the best price.
Who Pays the Fee
In a home or land sale transaction, the buyer usually pays the property survey fee, but sometimes a seller is willing to pay for it. If a mortgage company requires a survey, then the fee should be on the good faith estimate and on line 1301 of the HUD-1 Settlement Statement.
When to Get a Property Survey
It’s a good idea for all buyers to get a survey. A property survey will show if the land has any defects, encroachments or easements that will prevent a buyer from making future changes to it. It will also confirm that the parcel size is in fact what the buyer is expecting. Homeowners who want to make improvements such as adding a fence or pool should also get a survey.
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