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If you're considering purchasing farmland, it's important to know whether or not you need a new land survey and what estimated costs are involved in surveying.
The new Ag Land Loans 301 guide explores the role of surveys in land loans. Download the free guide here now, or continue reading below.
Conducted by a licensed surveyor, a land survey is a precise measurement and mapping of a property’s important elements. It includes boundary lines, a legal description, improvements, easements and rights-of-way, topographical features, and utilities.
A land survey helps protect both the lender and the borrower by ensuring that the property is accurately described and free of hidden issues that could affect its value or marketability.
A new survey may be required for a land loan under several circumstances:
Boundary disputes or unclear boundaries
Subdivision or parcel changes
Lender requirements
Title insurance requirements
Construction or improvements
Previous survey has become outdated
Encroachments or easements
Legal description accuracy
Environmental concerns
Property access considerations
It's important to check with your lender to understand their specific requirements regarding surveys. They will provide guidance on whether a new survey is necessary for your land loan and may have a list of approved surveyors you can use.
Survey costs can vary widely. It's a good idea to get quotes from multiple surveyors to compare prices and services. Be sure to ask for a detailed breakdown of what is included in the survey to ensure you are getting the services you need.
Small Parcels (up to a few acres): $500 to $1,500
Medium Parcels (10 to 100 acres): $1,500 to $3,000
Large Parcels (100+ acres): $3,000 to $10,000+
Size of the property
Complexity of the property
Location
Accessibility
Purpose of the survey
Surveyor's experience and reputation
Regulatory requirements
Additional services such as staking property corners, preparing detailed maps, or providing digital files can also increase the cost.
A survey fee is rarely required from FBN Finance. Thanks to our low overhead, FBN Finance is often able to provide cost savings to farmers.
You can also feel confident that you are offered a great mortgage interest rate, thanks to our nationwide network.
Whether your plans include expanding your ag operation with a new land purchase, refinancing your ranch, or making improvements to your farmland property, the FBN Finance team can help find solutions to fit your needs.
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