The Real Estate Coach answers to a simple question

WHAT IS THE DIFFERENCE BETWEEN A SURVEY, INSPECTION AND APPRAISAL????

Webster defines them as follows:

Survey: to determine and delineate the form, extent, and position of (as a tract of land) by taking linear

and angular measurements and by applying the principles of geometry and trigonometry.

The survey is usually ordered for a buyer or seller by the lender or Title Company. The survey is always done by an engineer. The property owner can order a survey at any time.

Inspection: a checking or testing of an individual against established standards.

Inspections can be ordered for both parties. The seller orders an inspection, on the advice of the listing agent, when repairs are questionable. The buyer orders the inspection during the Option Period.

Appraisal: an act or instance of appraising; especially a valuation of property by the estimate of an authorized person.
In a real estate transaction the appraisal will be ordered by the LENDER. However, anyone can order an appraisal in order to establish a value of Real Estate. Real Estate Appraisers are licensed by the state where they work.


Thank you for letting me be of service.

Always yours

Joseph
The Real Estate Coach