According to the Texas Property Code, there is only a certain amount of information the seller must give the buyer when selling a piece of real estate. Depending on your contract, the seller may only have to give a list of items, which can be found in the Texas Property Code, Tex. Prop. Code Ann. § 5.008.
However, having a current survey of the property can help both the buyer and the seller.
The survey of the property will help the seller and the buyer be clear on what the buyer is purchasing. A seller will want to give their attorney a copy of the most recent survey to disclose all matters affecting the property to the Buyer. As a seller, you would want the buyer to know exactly where all the improvements are located as well as any issues affecting the property such as potential boundary line disputes.
For a buyer, you will want to have a survey to make sure you understand where the exact boundaries of the property lie; find out if there are any easements, encroachments, or other issues which affect the property which are not discoverable by a physical inspection of the property. It is always best to have the surveyor show all easements, improvements, encumbrances, and the flood plain on the survey, as well as matters, such as private roadways, or other rights of way which seem to have been used by a third party. This should be done before you buy the property so that if there are any issues may be discovered and resolved prior to the closing. While a survey may be expensive, they can help save court costs in the long run.
The Takeaway: While a survey is not a mandatory requirement for a piece of property, it is important to make sure you know both exactly what you are buying and what you are selling.
– The Business Team
Scott | Josh | Jeremy
The Allen Firm, PC
181 S. Graham Street | Stephenville, Texas 76401
Ph: 254.965.3185 | Fax: 254.965.6539
The Allen Firm, PC is composed of a team of attorneys located in Stephenville, Texas. Our mission is to improve people’s lives by providing reliable and practical help with their legal matters while operating under our values of honoring people, operating with integrity and striving for excellence. We offer help in forming businesses or companies, estate planning, lawsuits, real estate, probate, oil and gas, collections, agriculture, bankruptcy, family law, and accident and injuries.