REALTOR | Broker Associate at West + Mains Homes
Pricing Strategy Advisor • Certified Negotiation Expert
COLORADO REAL ESTATE LICENSE #FA100021816
2010 Youngfield Street, Lakewood, CO 80215
To Survey or Not to Survey? 🤔
Included in Colorado's Contract to Buy and Sell Real Estate, there are contingency rights wherein a buyer has a specified period of time to examine important components that affect the property. Contingencies include appraised value, physical inspection, insurability, title, HOA, loan acceptability and survey matters. Here's what buyers need to know:
There are four primary types of residential property surveys in Colorado, outlined below. Each varies in scope, cost, and turnaround time, and all add time and noticeable expense to the contract. The purchase contract will specify whether the Buyer or Seller is responsible for the cost of and responsibility for ordering survey. In most cases, unless a survey is required by the title company in order to issue coverage, the cost will ultimately fall to the Buyer.
Whether a survey is important is a decision every buyer must make individually. If it is of importance, buyers should plan ahead, budget accordingly, and include appropriate survey contingency dates in their offer.
$ IMPROVEMENT LOCATION CERTIFICATE (ILC): An ILC is not a survey, it is a professional rendition after visual inspection of the property. In an ILC, the surveyor ties the fixed improvements to what s/he perceives to be the visual edges of the property, and uses the recorded plat or recorded deed for measurements. An ILC is not required to show encroachments, unless they are of improvements. ILCs usually shows major structures, distances from those structures to the deeded property lines, and may also show easement areas. Most of the time in Colorado, an ILC will be sufficient for mortgage companies requiring a survey for their borrower. ILCs are the most commonly requested type of survey on the Colorado real estate sales contract. They are the least expensive and also the easiest to schedule. Allow 7 - 14 days to complete and expect costs around $500.
$$ LAND SURVEY PLAT (PIN): Typically known as a boundary survey or property survey, and unofficially called a pin survey. For this survey, the surveyor is required to set all corner points of the property boundary. This survey does not show improvements, and is typically used for raw land sales. Expect Land Survey / PIN Plats to start around $1,000. Expect no less than 2 weeks to book and receive your report back.
$$$ IMPROVEMENT SURVEY PLAT (LSP+): Known as a Land Survey Plat Plus. This is the same as a Land Survey Plat, but also shows improvements, utilities, and encroachments. Expect fees for these to start around $1,500 and expect no less than 3 weeks to one month to get the report back.
$$$$ A.L.T.A. / A.C.S.M. SURVEY: This takes the Land Survey Plat and adds additional criteria set by the American Land Title Association (ALTA) and American Congress on Surveying and Mapping (ACSM). These surveys are monsters, done on commercial and unique high-end residential sales. This is the most expensive and comprehensive survey available in the state. Costs start around $2,500. Plan at a month to three months or more to schedule and get the report back.
Understanding real estate doesn’t have to be complicated, and buyer education is essential. I’m committed to simplifying complex matters so my clients can buy with confidence.