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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

January 12, 2016
Tanishia Stokes
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Survey

Part B of Section 18 discusses the Survey. Here, the Buyer is required to give the Seller written notice of potential issues that the Survey discloses. These issues can include encroachments on the property, improvements that violate restrictions, covenants or government regulations, or easements that encroach on the property of others. The Buyer is required to deliver to the Seller a copy of the Survey and the written notice within 5 days of the Buyer’s receipt of the Survey but it cannot be later than the Closing. The Survey will constitute a title defect subject to the Seller’s obligation to cure under Part A of the Standards section of the Contract, only if written notice and the Survey is delivered in a timely fashion to the Seller. However, if the Seller has already had a survey done and has delivered it to Buyer, then Seller must also execute an affidavit attesting that there was no change to the prior survey.

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