3 Survey Traps in Lakewood Ranch

Beware of Survey Traps in Lakewood Ranch

What Actually Breaks Deals in Florida

Encroachments and Boundary Disputes

The problem arises when a survey reveals encroachments or boundary disputes that weren’t disclosed earlier. Florida Statute 720, which deals with HOA regulations, often plays a role here, as HOAs may have specific rules about property boundaries. In one deal, a buyer found out during the inspection period that a neighbor’s shed was partially on their property, leading to a renegotiation of terms. The consequence was a delayed closing and additional legal fees to resolve the issue.

After looking at multiple possibilities for a vacation home in Florida I decided on Longboat Key. I had the very fortunate opportunity to work with Mike Renick and his team in finding the right place for myself and my family. Ihad heard positive things about Mike, but the services and supports he and his assistant, Eric, and the other team members offered went above and beyond even my expectations. They were available at all times to answer questions, research properties, and to offer numerous recommendations for all the services needed to make a purchase and to close quickly and efficiently. Whatever was needed, from e-signing forms to videoing the interior of a condo, was provided, so even when you were geographically far away, everything that needed to be done could be accomplished as if you were actually there. Emails, texts, and phone calls were returned quickly and you were always kept in the loop if any issues came up. I would enthusiastically recommend Mike Renick and his team for anyone looking for a real estate team. They are the ultimate professionals who do everything in their power to ensure that your needs are met quickly and effectively. Your satisfaction is their number one priority. I truly made the right choice when I picked them!!

– boscom, Zillow Review

Easements and Access Rights

Easements can be a hidden trap if not properly disclosed or understood. The property appraiser’s office can provide information on recorded easements, but sometimes these are overlooked until a survey is done. In a recent transaction, a buyer discovered an unrecorded easement that allowed utility access across their backyard, which they were unaware of. This discovery led to a renegotiation of the purchase price and nearly caused the buyer to walk away.

Unrecorded Improvements

Unrecorded improvements, such as fences or driveways, can cause significant issues when they extend beyond property lines. This often becomes apparent during the appraisal process when the lender requires a clear survey to proceed with underwriting. In one case, a buyer was shocked to find that a portion of their driveway was on a neighbor’s lot, resulting in a forced renegotiation and additional costs to resolve the encroachment. The deal was nearly terminated due to the lender’s concerns about clear title.

Where It Usually Blows Up

These issues typically surface during the inspection period or when the lender reviews the survey for underwriting. This timing is brutal because buyers are often emotionally invested and financially committed by this stage. If these problems surface late, buyers or sellers can face closing delays, unexpected legal fees, or even the collapse of the deal entirely.

Mike and the team were responsive to all of our needs throughout the purchase process and in providing post sales support. Team Renick is a professional, thoughtful and caring organization. I recommend Mike and his team and would surely work with them again on other real estate needs.

– lorenzorad, Zillow Review

What I Tell Clients Before They Risk Money

1. Order a Survey Early: Always get a professional survey done as soon as your offer is accepted.
2. Review HOA Rules: Understand any HOA regulations that might affect property boundaries or improvements.
3. Check for Easements: Verify any recorded or unrecorded easements with the property appraiser’s office.
4. Consult an Attorney: Have a real estate attorney review any potential encroachments or boundary issues.
5. Negotiate Repairs or Adjustments: Be prepared to renegotiate terms if survey issues arise.

Questions Clients Actually Ask

What happens if a survey reveals an encroachment?

If a survey reveals an encroachment, it can lead to renegotiations or even legal action to resolve the issue. This can delay closing and increase costs significantly.

Can I back out of a deal if a survey issue arises?

Yes, survey issues can be grounds for contract termination, especially if they affect the property’s value or usability. However, this often depends on the specific terms of your contract and the timing of the discovery.

What To Do Right Now

Order a professional survey as soon as your offer is accepted to identify any potential issues early.

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https://www.teamrenick.com/

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To read more about what Michael shares with his clients:

https://blog.teamrenick.com/