Planning To Sell Your Honolulu Home Part Two
June 12th, 2009 categories: For Sellers
This is part of my ongoing series concerning preparing to sell you Honolulu home or condominium. Number two on my list of twelve things to do before you start marketing is as follows.
2. Have your property surveyed by a licensed land surveyor. Paragraph C-42 of the purchase contract (commonly known by Realtors as the “PC”) calls for a land survey of the home lots. In most real estate sales, this is not obtained a few weeks before the close of escrow. Here’s the problem getting it late can create, if the survey reflects an encroachment, paragraph C-43 calls for the seller to get an encroachment agreement. If the seller is unable to obtain the agreement, then the buyer earns the right to cancel the sale.
By getting the survey in advance a seller is given more control over a possible problem. Assuming it is the most common problem of a wall crossing the property line, by know in advance, the seller can take one of the following actions.
a. Disclose the encroachment in the marketing materials and require a buyer to take it “AS IS”. This is done by deleting paragraphs C-42 and C-43, and then attached the survey to an offer or counter which requires the buyer to accept the survey.
b. Contact the neighbor and ask them to agree to an encroachment agreement (EA). If they are agreeable then the EA is signed and recorded at the Bureau of Conveyances. The EA effectively legitimizes the encroachment. If the neighbor is unwilling to sign an EA, then the seller knows that this is not possible and can now either sell “AS IS” with a disclosure of the issue, or have the encroachment removed.
c. As referenced above, encroachments on to your property may be removed. If removal is possible, keep in mind that you will need to have the surveyor re-visit the property to verify that the encroachment no longer exists. If the encroachment is your neighbor’s wall coming onto your property, be advised that you want to obtain their consent before you demolish the offending portion. If they do not agree your removing the encroachment, then I highly recommend seeking legal advice.
It is a good idea to contact more than one surveyor to get bids for your land survey, as a rule of thumb, for most lots, you should expect to pay $800 to $1,500. If an encroachment is removed and a re-inspection of the removal becomes necessary, then you should expect an additional fee of $200 to $300.
If you need the contact information of a few good land surveyors, just give me a call at 808-737-2093.
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