What is the main focus of a survey contingency in a real estate deal?

The primary focus of a survey contingency in a real estate transaction is to define property boundaries. This contingency allows the buyer to obtain a property survey to exactly determine the dimensions and limits of the property being purchased. It is essential for identifying the specific boundaries, any encroachments from neighboring properties, and ensuring that the property meets local zoning laws and regulations. In the event that the survey reveals issues such as disputes over property lines or encroachments, the buyer can negotiate repairs, costs, or even the possibility of withdrawing from the contract without penalties.

While assessing property value is important in real estate transactions, that is typically done through appraisals rather than surveys. Securing financing and finalizing closing dates are likewise important aspects of a real estate deal but are not directly related to the specific function of the survey contingency, which is all about accurately determining property boundaries.