Land Title Surveys

[John Veatch]

I have just returned to the No. Va. from S.W. Fla.and I’m puzzled about what is happening at the settlement table here.Now as a Realtor I am well aware that the settlement agent conducting the closing will tell anyone that they do not represent anyone present at the settlement.And of course I am also aware that almost no one ever asked the question.“Let the buyer and in this case the seller beware”

That said , as a professional in this industry, I truly believe that I am a financial advisor for my clients, not just someone who has a key that will unlock the door to the home they want to see.Moreover as a Professional Realtor I recognize that at settlement I must have my client’s financial interest, in the biggest investment they are likely to ever make in their lives, as my primary goal and not just there to see when I can pick up my commission check.

If this is in fact the primary goal for all Realtors why has it become the custom for so many transactions here for the Realtor to, in effect, ask the clients to buy “A PIG IN A POLK”?I’ll explain but first let me ask a few questions to put the “PIG” question in context.

1. What is by far the most valuable part of a transaction that involves residential real property?
2. Is it the new hardwood floors, the cedar shake roof, how about how real marble counter tops, or the pool and gazebo?

Of course not, these things are at best the doodads that make a home more saleable in some markets.No, I hope you would agree that, the most valuable portion of any residential real estate transaction, that involves the transfer of real property, is clearly the land that the improvements sit on.If this is true than why are so many homebuyers in this market being allowed to purchase real property without seeing the legally transferred portion of what they are about to take title to?My question is related to the relatively new custom in this area to have the home purchaser acquire real property without the benefit of ever seeing the land as it will be legally transferred to them.If this is true then aren’t they, in effect, being asked by the “professionals” in this market to buy “A PIG IN A POLK”.

This question comes down to 2 parts.

1. Is what I have described actually the dynamic of this market?
2. Is there a legitimate reason for any professional in this market allowinga client, unless they specify in writing otherwise, to purchase real property without the benefit of having a legally binding “land title survey” as part of the transaction?

With thanks in advance for your help, I remain;

Yours truly,

John W. Veatch