Survey Discrepancy Resolution Agreement

Survey Discrepancy Resolution Agreement

A Survey Discrepancy Resolution Agreement is a legal document used in real estate transactions to address and resolve issues that arise from discrepancies identified during a property survey. Such discrepancies could involve boundary lines, easements, encroachments, or inconsistencies in property descriptions.

This agreement typically outlines the responsibilities of the parties involved, including the buyer, seller, and possibly third parties such as surveyors or title companies. It serves as a framework for how the parties will address these discrepancies, which may include negotiations for adjustments in the sale price, timelines for resolving issues, or commitments to undertake corrective actions such as boundary rectifications or obtaining additional surveys.

For example, if a property survey reveals that a portion of the neighbor’s fence encroaches on the property line, the Survey Discrepancy Resolution Agreement might stipulate that the seller will either resolve the encroachment by relocating the fence or financially compensate the buyer to account for the discrepancy. This agreement is crucial for protecting the interests of the buyer and ensuring that the sale proceeds smoothly despite any survey-related challenges.