Do you plan to pass on land and real estate property to multiple heirs? While you may know you need to work with an attorney and accountant to ensure a smooth transition process, you may not realize that you should hire a land surveyor, too. Why?
Here are 4 great reasons.
To Help Divide It. Upon inheriting land and other property, joint heirs often decide that they want to divide it into smaller parcels. Co-owning land can create disputes and financial challenges among heirs, so this makes sense in many circumstances. A recent land survey can help determine how to divide property fairly and conveniently, as well as work with natural borders and land features.
To Ensure Nothing Crosses Borders. Every property has borders, and over time, these borders often become lost or misplaced. You may know where your property ends—or think you do—but heirs may not be as clear on the subject. Before leaving them a piece of land that they can count on, be sure that everything you think is yours really is. Often rural owners find that fences, outbuildings, farmland, and grazing pastures have inadvertently crossed onto neighbors' land or vice versa.
To Make Fair Valuation. Another reason to be sure of the exact size and structure of your land is to be able to value it correctly for heirs. Whether it's a tool for dividing it up fairly or a way to help them negotiate a sale later on, a proper boundary marker gives certainty to the financial transaction you're making. You may discover that the land is larger or smaller than expected, and this could affect how you divide up your estate.
To Build On It. Do your kids or grandkids want to do something different on your land than you did? If they plan to build a home, commercial buildings, or even barns on the land, they will probably need a survey to do so. Even if the survey isn't required by the mortgage lender or local permit office, it's usually recommended by builders. So getting one now will save heirs time and money later on, especially since the surveyor can help resolve resulting issues like easements and permit waivers.
No matter what you plan for your piece of land after you pass away, a survey is an excellent starting point. Both you and the next generation will have the information to move forward confidently and make wise decisions.
For more information, talk to companies like Homestead Land Surveying.