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.
- Federal Reserve Board: A Consumer’s Guide to Mortgage Settlement Costs
- U.S. Department of Housing and Urban Development: Shopping for Your Home Loan: HUD’S Settlement Cost Booklet
- About Land Surveyors: Land Survey FAQ
- LandSurveyor: How much does a Survey cost?
- CNNMoney: Who needs a property survey?
- Consumer Financial Protection Bureau, "What is a Survey"? Accessed Oct 22, 2019
- HomeAdvisor. "How Much Does It Cost To Hire A Land Surveyor?" Accessed Oct. 22, 2019.
- Make this an IC: Consumer Financial Protection Bureau. "Shopping for Your Home Loan, Settlement Cost Booklet" Accessed Oct. 22, 2019.
Jacqueline Grant Butler has been writing since 1991. During her career in corporate marketing, she wrote market research reports, company histories, newsletters, business proposals and brochures. She also wrote several small dog breed articles for her pet services company. She has a Masters from the University of Michigan and a Bachelors from California State University.