A Surveyors Real Property Report (SRPR), also known as a “spot” report in layman’s terms, is designed to tell you everything you need to know about a property you want to develop or purchase, including which buildings are on the land, where the boundaries are located, which legal encumbrances you may be subjected to and whether there are other property or legal issues that may affect your land.
If you’re thinking of buying or selling a piece of property, having your land surveyed beforehand is wise. You’ll quickly identify any problems or discrepancies in the description and even ensure that you’re purchasing the right property—which is an issue more often than you might expect.
What’s in an SRPR?
To understand when you’d need a Surveyors Real Property Report in Guadalupe County, TX, you must first understand what they include:
- Boundary lines: SRPRs contain detailed descriptions of the property, including the legal description, boundary lines and the location of the property itself. This includes the address as well as its location relative to roads and other properties. If there are private or public roads running through the property, these will be listed, too. Should there be any question of where the boundaries begin and end, your surveyor will list this in the report to alert you of potential issues.
- Existing structures: Existing structures on the property are described, including their location on the property.
- Legal encumbrances: In addition to roads running through the property, you’ll want to know if there are any easements or other legal encumbrances on the land. For example, a utility company may have a power line easement.
- Improvements: Detailed SRPRs include descriptions of the improvements made to the land or on the existing structures, which will affect the market price.
- Ownership data: SRPRs also include ownership data, such as the last ownership transfer, previous market sale and other important data.
- Tax assessments: Some SRPRs include tax assessments on the land, which are helpful to ensure that you’re being taxed at the correct rate.
- Mortgage information: Detailed SRPRs may also include mortgage information, allowing buyers to learn what the previous owners paid and under what conditions.
- Property drawing: Finally, a detailed property drawing, including boundary lines, should be in your SRPR. This is another layer of information to help make sure you know the exact dimensions of the land.
When you need an SRPR
Typically, your lender will expect to see an SRPR before approving your mortgage loan. Buyers and sellers use them to ensure that any potential issues with the property are resolved before anyone signs the contracts, and lenders use them to determine how much they can lend and under which conditions.
Sellers also find that SRPRs allow them to document their land ownership, as well as any improvements they’ve made to the land over time. Ultimately, it’s a fact-finding tool and part of your due diligence as an owner, buyer or lender.
If you need a detailed Surveyors Real Property Report in Guadalupe County, TX, call Bettersworth & Associates, Inc. today.
Categorised in: Property Surveyor