Question

It is customary for the cost of a survey to be

a)negotiated in the contract.
b)paid by the buyer.
c)paid by the seller.
d)paid one-half by the seller and one-half by the buyer.

Answer 1

The cost of a survey in a real estate transaction is typically negotiated in the contract between the buyer and the seller. It can be the responsibility of either the buyer or the seller to pay for the survey, depending on the agreement reached. The final decision will depend on the specific circumstances and local practices. The correct answer is a)negotiated in the contract.

Step-by-step explanation:

The cost of a survey in a real estate transaction is typically negotiated in the contract between the buyer and the seller. It is important for both parties to reach an agreement on who will bear the cost of the survey.

In some cases, the buyer may agree to pay for the survey as part of their due diligence to ensure the property's boundaries and any potential issues are properly identified.

In other cases, the seller may agree to cover the cost of the survey as part of their responsibility to prepare the property for sale.

Ultimately, the agreement on who pays for the survey is determined on a case-by-case basis and may vary depending on local customs and conventions.