Buying a commercial property can be simple or complex, and there could be issues or no troubles at all. The land and structure should be inspected to determine these details.
Commercial real estate surveys evaluate the condition and value of a piece of commercial property. It is done by an independent third-party professional to ensure the results’ accuracy and provide an unbiased review. It involves looking at all aspects of the property, including the structure, condition, legalities, and potential issues.
This helps the buyer or lessee determine if the property is a good investment and if the conditions and terms of the contract are suitable.
Some sensible legal reasons for this include the following:
Boundaries and Easements
Assessing will provide information about the exact location of roads, highways, alleys, and other streets in the area. It will also outline any easements that may be in place, such as allowing a neighbor access to the road through the parking lot or an adjoining company road. Creating boundaries is necessary to define the limits of the parking lot. This includes identifying where the lot ends and where the building begins and other considerations like the maximum area that can be occupied.
The process will indicate surface water bodies, such as rivers or lakes, but generally will not provide information on underground water sources or wetlands. If this information is needed, a professional inspector may need to be hired.
Deeds or Legal Updates
An assessment of the real estate is necessary to ensure that the property’s legal description and boundary lines are accurate. This can help identify issues with the title, legal description, easements, encroachments, and boundary lines. It also enables the resolution of any boundary disputes or conflicts that may be present. By doing this, the title and legal description can be updated, and the boundary lines can be insured. With surveys, this process may be possible.
Improvements and Violations
An assessor will examine a location in detail and document any laws, regulations, or restrictions that may be in place. This includes dimensions, parking areas, utilities, and any other features that may be present. In the end, they will provide a written report that outlines any violations of local or state laws, as well as any necessary modifications that must be made to comply with regulations.
The survey may include information about electric or gas power, telephone or telegraph lines, water drains, wires, and other lines.
Legal Articles
Property assessments can provide insight into potential issues, such as encumbrances, contamination, rights-of-way, flooding, seismic activity, and other potential risks. Furthermore, it can establish the exact boundaries of the property in question. This can become the basis of the estate, depending on the circumstances.
Legal Protection
Commercial property owners should invest in a lawyer to help them navigate the potential legal issues that may arise from the survey results. This could help avoid potentially expensive litigation resulting from any violations or boundaries in the survey.
In Closing
Assessing your acquired commercial property through a third-party group ensures your land follows legal compliance and protects you from hefty fines or other issues that may negatively impact development. Always have this done the moment the acquisition of a property pushes through.
Let Will Do It For You
For over ten years, Will’s Service Group has been a leader in land surveying in the USA. We’ve provided services to companies such as Target Surveying and Benchmark Land Services Inc. For Alta surveys, call today at (239) 478-4242!
