When it comes to real estate transactions in New York, a survey objection can be a crucial component of the due diligence process. A survey objection is essentially a request for clarification or correction of any discrepancies or issues found in a property survey. Let’s take a closer look at how survey objections work under New York real estate law.
Firstly, it’s important to understand the purpose of a property survey. A survey is a detailed map of the property that identifies the boundaries, structures, and other features of the land. It can also reveal any encroachments, easements, or other issues that could affect the property’s value or use.
When a buyer makes an offer on a property, they may request a survey as part of their due diligence. If the survey reveals any issues, the buyer may make a survey objection in order to have the seller address those issues before the sale goes through.
Under New York law, a survey objection is typically made in writing and must be submitted within a specific timeframe, which is usually outlined in the purchase contract. The objection must be specific and include a description of the issue, the requested remedy, and any supporting documentation or evidence.
Once the survey objection has been submitted, the seller has the option to either remedy the issue or reject the objection. If the seller chooses to remedy the issue, they must do so within a reasonable timeframe and at their own expense. If they reject the objection, the buyer can choose to either proceed with the sale or terminate the contract.
It’s worth noting that survey objections can be a point of negotiation between the buyer and seller. For example, if the survey reveals a significant issue that will be expensive to remedy, the buyer may request a credit or price reduction instead of asking the seller to make the repairs.
In some cases, a survey objection may not be necessary. For example, if the property is new construction or has had a recent survey, there may be no issues to address. However, it’s still important for buyers to review the survey carefully and ask any questions they may have.
Survey objections are an important part of the due diligence process in New York real estate transactions. They allow buyers to identify and address any issues with a property survey before the sale goes through, which can help to avoid future disputes and potentially costly repairs. If you’re buying or selling property in New York, it’s important to understand how survey objections work and to work with an experienced real estate attorney who can guide you through the process.
Contributed With Help From Robert Aronov & Associates, PC – A Real Estate Lawyer Serving Rockland County, New York.
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