When you are buying or selling your Vail Valley home there are documents you must provide. A survey or ILC is one of those things you will need. They are very similar and you will usually only need one or the other. A survey is a document prepared by a licensed survey or that shows the land that is being purchased. Whereas an ILC only shows the improvements on the property concerning boundary/deed lines. There is some price difference as well. Here are some tips when selling and needing a survey or ILC in Vail Valley.
The Survey
It is a diagram with descriptive latitude/longitude coordinates, metes, and bound descriptions. This system was brought to the US from England. It is a method that uses physical features of the local geography, along with directions and distances, to define and describe the boundaries of a parcel of land. Most importantly, it shows the boundaries of the property. The survey also shows the improvements and structures built on the property, as well as any easements, encroachments, and setbacks.
It is a graphic representation of what the seller is selling. A survey is typically a required document by the title company to provide a title policy. A lender requires it to finance the purchase of a property. If there has been no survey, then there will be an exception in the policy. If a condo is being purchased, an existing condo plat map will suffice.
What Is an Improvement Location Certificate (ILC)?
An ILC is very similar to a survey and a licensed surveyor also prepares it. It is less expensive than a survey; currently, Survey can be little as $1,500 for a simple 2-acre lot ILC can be as little as $500. these can be quite a bit more if the property is larger or more complicated in the Vail Valley market. In the State of Colorado, an ILC is an accepted document and can be used for the buyer and the mortgage, or title companies to have some assurance that the improvements to a property are not encroaching into an easement or beyond the deed lines.
Who Pays for the Survey or ILC?
It is negotiable, but typically the custom says the seller should provide the survey. If they have one in their files, they should produce it, and if not, then they should hire a surveyor to prepare one. The reasoning is that the seller should provide evidence of what they are selling. However, if there is a lender, then as a part of the loan approval process the lender will order a new survey or ILC directly. As a result, the buyer is effectively paying for the survey via the terms of their loan.
How Can I Help?
Are you needing more information on needing a survey or ILC in Vail Valley? Please reach out to me! I want to provide my clients with interesting and up-to-date information so they can make informed decisions. If you think that my expertise and positive attitude might be of service to you don’t hesitate to reach out and contact me.
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Robert Schilling
Coldwell Banker Global Luxury Specialist
Coldwell Banker Distinctive Properties
(970) 390-0705
[email protected]