What Does a Survey Cost in Barrier Islands?
Survey Costs on Barrier Islands: A Real Risk
Quick Answer
A survey on the Barrier Islands in Florida typically costs between $500 and $1,500, depending on the property’s size and complexity. The cost is influenced by Florida Statute 472, which governs land surveying and mapping, and failing to budget for this can lead to unexpected financial strain. For instance, a buyer might discover boundary discrepancies that require costly legal resolutions. If these issues are uncovered late in the process, it can lead to closing delays or even contract termination. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
Boundary Disputes and Legal Compliance
Florida Statute 472 mandates that surveys must meet specific standards, and any discrepancies can lead to legal disputes. In one case, a buyer discovered post-survey that a neighbor’s fence encroached on their newly purchased property. This led to a legal battle and additional costs, delaying the closing by weeks. The consequence was not just financial but also emotional stress for the buyer.
We had a great recommendation for Mike Renick and Eric even before we were in the Sarasota area from a former client of his summering in Baltimore whom we happen to meet. When we decided to actively start looking for a place in the Sarasota area, I spoke to Mike over the phone and he was truly courteous and welcoming. When we came down in person, he first took the time to get to know my wife and I personally to better gauge what would work best for us. Since we had limited time, he was unsparing of his own time to efficiently but thoroughly show us the inventory that would work best for us. He patiently explained the pricing rational and the factors that go into these considerations. He helped us through the closing procedures and assisted us in issues such as homeowners and flood insurance. The bottom line– we bought a place that was utterly perfect for us due to his extraordinary effort. We met Eric toward the end of our process, as he was on vacation initially, but I could readily see he is a man of great knowledge and integrity and capability, as was Mike. I highly and without any reservation recommend Mike and Eric to anyone in the market for Sarasota area real estate. You will not be disappointed!
– Ronald ginsberg, Google Review
Insurance and Underwriting Issues
Insurance companies and lenders often require a clear survey to underwrite a policy or approve a loan. During underwriting, a client found that their property was partially in a flood zone, which was not disclosed earlier. This discovery forced them to renegotiate terms and purchase additional flood insurance, increasing their costs significantly. Without a proper survey, buyers risk having their insurance binders denied, jeopardizing the entire deal.
Where It Usually Blows Up
Surveys often become a critical issue during the inspection period, a stage where timing is crucial. If a survey reveals unexpected issues, buyers and sellers may face renegotiations or even deal cancellations. Discovering these problems late means losing leverage, as the buyer might be forced to accept unfavorable terms or walk away, losing their deposit.
Purchasing a home can be a time-consuming and stressful venture: visiting prospective homes; identifying the pros and cons of each property; deciding which properties are right for you; final visit at these properties; making an offer (and counteroffer); dealing with the Sellers realtor; reviewing the Agreement For Sale; finding an attorney; finding a home inspection company; and acquiring home and flood insurance. Then the difficult task starts, working with a bank and filling out all the paperwork (Ugh!). Mike and Eric were very helpful throughout the process and kept us informed of our requirements and responsibilities for each deadline.
– bshea20047, Zillow Review
What I Tell Clients Before They Risk Money
- Budget for Surveys: Always allocate funds for a comprehensive survey early in the process.
- Check for Encroachments: Ensure the survey checks for any encroachments or boundary issues.
- Verify Flood Zones: Confirm whether the property lies within a flood zone to avoid insurance surprises.
- Understand Legal Requirements: Be aware of Florida Statute 472 and its implications on your transaction.
- Prepare for Renegotiations: Be ready to renegotiate if the survey reveals unexpected issues.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What happens if a survey reveals an encroachment?
If a survey reveals an encroachment, it can lead to legal disputes and require negotiations with neighbors to resolve the issue. This can delay the closing and increase costs significantly.
Can a survey affect my insurance rates?
Yes, a survey can reveal that your property is in a flood zone or has other risk factors, which can increase your insurance premiums or even result in denial of coverage.
What To Do Right Now
Schedule a survey as soon as you enter the inspection period to avoid last-minute surprises and ensure compliance with all legal requirements.
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Michael Renick · Licensed Florida Real Estate Broker
License #BK3241900 · Verify on Florida DBPR
Mangrove Realty Associates Inc / Team Renick · Serving Sarasota & Manatee Counties since 2011
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