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Who’s buying the survey in Texas?
Well in Texas this is a negotiated item. Most sellers say since the buyer’s lender is the one who requires it, then buyers should pay. I say if you are selling a house that is $200.000 or more what is the big deal about spending $400.00 to get the deal done.
However, the big question is lately, Who pays for it when the contract is marked as such.
This says, sellers will provide existing survey within 15 days, and then at the bottom, it is checked on buyers. So the issue is that most sellers if it is not clearly explained to them by their realtor or they don’t read it carefully, assume the buyer will be paying for it. WRONG? The Buyer only pays for it if the seller provides it and it is not acceptable to lender or title company. So many many times the seller thinks they have one and then can’t find it or doesn’t produce it in the allowed time.
So here is where. the bold type comes in, If the seller fails to furnish the existing survey or affidavit within the time prescribed, Buyer shall obtain a new survey at seller’s expense no later than 3 days prior to closing date.
In short, if seller produces it and it isn’t acceptable then which ever box is checked then that’s who’s paying if it is not produced seller pays no matter what.
Sounds easy enough, but I have had 3 title companies just this year mark it wrong on the Closing Disclosure (Settlement Statement ). One of them I had to argue the fact and tell them to check with the company lawyer. Makes me question where or not the title company was trying to pull a fast one on me since they are not my title of choice and they were working for the other side or they just don’t really know?