Survey

During: Buying Process Overview: Contract to Close: Survey

Contract to Close

The following is a visual representation of the Survey process when buying homes as a Nomad. It is part of the Contact to Close process that you’d use once you are under contract to buy a property.

contract-to-close-survey

  1. Complete "Contract To Close" checklist
  2. Class Watch "Contract to Close" Recording of Live Class
    Watch the recording of the live presentation of "Contract to Close" available on:

    https://RealEstateFinancialPlanner.com/contract-to-close/

    ClassesContract To CloseUltimate Nomad ChecklistWeek 60Week 8

  3. Complete "Contract To Close: General" checklist
  4. Complete "Contract To Close: Title" checklist
  5. Complete "Contract To Close: Owner’s Association" checklist
  6. Complete "Contract To Close: Seller's Property Disclosure" checklist
    Complete the "Contract To Close: Seller's Property Disclosure" checklist:

    https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

    Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

    This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

    Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  7. Complete "Contract To Close: Loan and Credit" checklist
  8. Complete "Contract To Close: Appraisal" checklist
  9. Complete "Contract To Close: Survey" checklist
  10. Complete "Contract To Close: Inspection and Due Diligence" checklist
  11. Complete "Contract To Close: Closing and Possession" checklist

Contract to Close:
Survey

And, here is the visual representation of the Survey process.

survey-nothing-selected

Let’s look at each step in more detail.

Complete "Contract To Close: Survey" checklist

Contract To CloseContract To Close: SurveyUltimate Nomad ChecklistWeek 13

Complete "New ILC or New Survey Objection Deadline" checklist

Complete the "New ILC or New Survey Objection Deadline" checklist:

https://RealEstateFinancialPlanner.com/new-ilc-or-new-survey-objection-deadline/

Contract Deadline: New ILC or New Survey Objection DeadlineContract To Close: SurveyUltimate Nomad ChecklistWeek 13

Complete "New ILC or New Survey Resolution Deadline" checklist

Complete the "New ILC or New Survey Resolution Deadline" checklist:

https://RealEstateFinancialPlanner.com/new-ilc-or-new-survey-resolution-deadline/

Contract Deadline: New ILC or New Survey Resolution DeadlineContract To Close: SurveyUltimate Nomad ChecklistWeek 13

New ILC or New Survey Deadline

survey-new-ilc-or-new-survey-deadline

The New ILC or New Survey Deadline is the deadline for having a new ILC or new survey completed.

  1. Complete "New ILC or New Survey Deadline" checklist
  2. IF SELLER IS TO PROVIDE: REAL ESTATE BROKER: Coordinate with Seller and Seller's Real Estate Broker to get new ILC or new survey
    If in your "Contract to Buy and Sell Real Estate" we negotiated to have the Seller provide a new ILC or a new survey, we will coordinate with the Seller and/or Seller's Real Estate Broker to get you a copy of the new ILC or new survey.

    It is somewhat unusual to have a Seller agree to pay for a new ILC or new survey.

    Contract Deadline: New ILC or New Survey DeadlineUltimate Nomad ChecklistWeek 13

  3. IF YOU ARE ORDERING ILC OR SURVEY: REAL ESTATE BROKER: Provide you with a list of Surveyors
    If in your "Contract to Buy and Sell Real Estate" we agreed that you would order and pay for an ILC or survey if you wanted or needed one, then we would provide you with a list of possible Surveyors for you to consider using to get your new ILC or new survey.

    Contract Deadline: New ILC or New Survey DeadlineUltimate Nomad ChecklistWeek 13

  4. IF YOU ARE ORDERING ILC OR SURVEY: Order and pay for new ILC or new survey
    If in your "Contract to Buy and Sell Real Estate" we agreed that you would order and pay for an ILC or survey if you wanted or needed one, then you would order and pay for a new ILC or new survey.

    If you're buying a home in a subdivision, it is unusual to order an ILC or survey but you have the right to do so.

    Contract Deadline: New ILC or New Survey DeadlineUltimate Nomad ChecklistWeek 13

New ILC or New Survey Objection Deadline

survey-new-ilc-or-new-survey-objection-deadline

The New ILC or New Survey Objection Deadline is the deadline for the buyer to object based on the new ILC or survey.

  1. Complete "New ILC or New Survey Objection Deadline" checklist
  2. Review ILC or survey and ask Surveyor or Attorney questions
    Review the ILC or survey.

    Your Real Estate Broker does not receive training on ILCs or surveys and so they are not qualified to interpret them or answer questions. If you have questions about them please ask the surveyor and/or your Attorney.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  3. IF OBJECTING TO ILC OR SURVEY: REAL ESTATE BROKER: Prepare "Title-Related Objection Notice"
    If you're objecting to something related to your ILC or survey, we would prepare a "Title-Related Objection Notice" for you to sign.

    This must be done prior to the New ILC or New Survey Objection Deadline to protect your Earnest Money.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  4. IF OBJECTING TO ILC OR SURVEY: Sign "Title-Related Objection Notice" via DocuSign
    If you're objecting to something related to your ILC or survey sign the "Title-Related Objection Notice" via DocuSign to protect your Earnest Money.

    This must be signed and delivered to the Seller and/or Seller's Real Estate Broker prior to the New ILC or New Survey Objection Deadline to protect your Earnest Money.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  5. IF OBJECTING TO ILC OR SURVEY: Save "Title-Related Objection Notice" to Dropbox
    Once you've signed the "Title-Related Objection Notice" via DocuSign to protect your Earnest Money, save a copy of it to your property folder in Dropbox.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  6. IF TERMINATING BASED ON ILC OR SURVEY: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you're terminating based on something related to your ILC or survey, we would prepare a "Notice To Terminate" and "Earnest Money Release" for you to sign.

    This must be done prior to the New ILC or New Survey Objection Deadline to protect your Earnest Money.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  7. IF TERMINATING BASED ON ILC OR SURVEY: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you're terminating based on something related to your ILC or survey, sign the "Notice To Terminate" and "Earnest Money Release" when your Real Estate Broker sends it over.

    This must be done prior to the New ILC or New Survey Objection Deadline to protect your Earnest Money.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  8. IF TERMINATING BASED ON ILC OR SURVEY: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you've signed the "Notice To Terminate" and "Earnest Money Release", save copies to your property folder in Dropbox.

    You will replace them in Dropbox when the Seller signs them and you receive your final copy.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

New ILC or New Survey Resolution Deadline

survey-new-ilc-or-new-survey-resolution-deadline

The New ILC or New Survey Resolution Deadline is the deadline for buyer and seller to come to an agreement on how to resolve the objection to the new ILC or survey.

  1. Complete "New ILC or New Survey Resolution Deadline" checklist
  2. REAL ESTATE BROKER: Negotiate on your behalf regarding ILC or survey
    If you've objected to the ILC or survey, your Real Estate Broker should negotiate on your behalf to find an acceptable compromise.

    If you've objected and do you withdraw the objection prior to the New ILC or New Survey Resolution Deadline, the contract terminates by default. So, discuss with your Real Estate Broker if you want to continue with the purchase and you have not come to a resolution prior to this deadline. Give your Real Estate Broker enough time for you to withdraw your objection prior to this deadline if you want to continue and not terminate.

    Contract Deadline: New ILC or New Survey Resolution DeadlineUltimate Nomad ChecklistWeek 13

  3. IF RESOLVED: REAL ESTATE BROKER: Prepare "Amend/Extend" and withdraw "Title-Related Objection Notice"
    If you've come to a resolution regarding your ILC or survey, then your Real Estate Broker should prepare an "Amend/Extend" to the "Contract to Buy and Sell Real Estate" to document the resolution and prepare your “Title-Related Objection Notice” to have you withdraw it so your contract does not terminate.

    Contract Deadline: New ILC or New Survey Resolution DeadlineUltimate Nomad ChecklistWeek 13

  4. IF RESOLVED: Sign "Amend/Extend" and "Title-Related Objection Notice" withdrawal via DocuSign
    If you've come to a resolution regarding your Appraisal, then sign the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" to document the resolution and sign the withdrawal section of the "Title-Related Objection Notice" via DocuSign.

    Contract Deadline: New ILC or New Survey Resolution DeadlineUltimate Nomad ChecklistWeek 13

  5. IF RESOLVED: Save "Amend/Extend" and "Title-Related Objection Notice" withdrawal to Dropbox
    Save the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" and withdrawn "Title-Related Objection Notice" that you signed via DocuSign to your property folder in Dropbox.

    You'll replace the "Amend/Extend" with the copy signed by both you and the Seller once the Seller signs it.

    Contract Deadline: New ILC or New Survey Resolution DeadlineUltimate Nomad ChecklistWeek 13

See the Inspection and Due Diligence group of Dates and Deadlines.

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado and is based on the Colorado Real Estate Commission approved Contract to Buy and Sell Real Estate. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

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