Do I Need a Current Survey?
Absolutely. In fact, if your realtor is advising you to save $500 and just accept some survey created BEFORE your earnest money contract, you should see that as a giant red flag. You should at a minimum consult an attorney to look over the paperwork and insure you have a new survey.
In Parker County, Texas, just west of Fort Worth, the sellers' real estate agents, Piper Pardue and Rees Atkins of Century 21 Lynch real estate were aware that the property they were selling had a house located in the flood plain and on top of a platted drainage easement to accomodate the flood plain. Rees Atkins and Piper Pardue did not disclose those facts to the buyer and the homebuyers' real estate agent, Deborah Moran with Ready Real Estate, advised the homebuyers NOT to buy a new survey and just use a survey that came from the seller that was three years old.
After moving in, the buyers discovered what Piper Pardue and Rees Atkins already knew, that the house was in a floodplain built on a drainage easement.
These facts that Pardue and Atkins knew, that the house was built on a drainage easement, were stated verbally in the title commitment. Had the buyers bought a new survey after their Earnest Money Contract, their surveyor would have pointed out these encumbrances personally and they would have aborted the purchase.
Do you need a new survey when you purchase?
Is it really worth the money to get a new survey?
Yes, because you never know what could have happened since the last survey and anyone that wants you to avoid a new survey is not trying to save you money, but drive you into a bad deal.
How much do surveys in Texas cost for residential?
Usually about $500 to $1000. Money well spent to protect your investment and avoid situations like the ones above involving Piper Pardue and Rees Atkins.