Toronto Real Estate Lawyer
Building Location Certificate (Survey Certificate)
A Building Location Certificate exhibits the dimensions, positions, and location of the land and/or buildings of property in question. Building location certificate primary function is to highlight any encroachments from adjoining properties. It is important to have the location survey certificate to guarantee the ownership of the property and protects the purchaser by highlighting any encroachments on the property. If the purchaser is seeking to secure a mortgage then the financial institution may require an up-to-date Building Location Certificate. A fresh survey in Ontario could cost up between $600 to $1500 depending on the location and how old is the property. If the property is old then it is possible that it may not have a Building Location Certificate and therefore the Lawyer of the purchaser on behalf of the client will obtain Title Insurance cover up this deficiency. A purchaser’s Lawyer would inevitably order title insurance since it would be considered as a legal suicide if title insurance is not ordered to protet the purchaser.
Property Survey or Home Inspection
A building survey would provide a condition report or home buyer’s report depending on the package you select with the survey company. However it is strongly recommended to obtain a building survey before you purchase your future home.
On the other hand if you are buying newly constructed home from a builder, then it will come with a builder’s home warranty therefore in such situations you would not need to worry about obtaining a building survey.
A building Survey will give you an overview of the property’s condition and highlight significant issues, but won’t go into detail ( depending on your package). It will highlight problems with the property, such as damp or subsidence. It will point out anything that doesn’t meet current building regulations