To survey or not to survey? That is the question faced by many home buyers. Before answering this question, it is important to understand what a survey is, as well as why your bank wants one before giving you the money for your house.

When buying property, you and the lender want to be sure you both know exactly what you are getting. How large is your property? Is your neighbour's fence really on your land? Does the backyard go back as far as you think it does? Who has a right to come onto your property?

While most of these questions are satisfactorily answered both on the previous deed and by the title search, only an up-to-date plan of survey can truly answer these questions.

A survey is a picture of what you own. It lets you know the extent of your title. The exact location of all buildings on the property will be shown on the survey as well as whether they comply with local building and zoning by-laws. A survey shows how much area is located on the four sides of the house and the access to the property. It also identifies easements on the property. (Easements give permission for someone to come onto the property to install, replace or repair their lines, for instance phone and hydro companies.) A survey will also tell you whether you or your neighbours are exceeding the boundaries of each other's property.

The seller is not generally under an obligation to provide the purchaser with an up-to-date survey. Rather a survey is an ordinary precaution taken by the purchaser.

A survey is done by a licensed surveyor. In most instances your lawyer will arrange for the survey. As with any professional service the cost varies depending on a number of factors, including the amount of time required for the research and for preparing the survey. However, expect to pay in the neighbourhood of $700.

The bank may agree to waive this requirement for a survey if the house you are buying is fairly new, if there is an existing survey and if the seller agrees to sign an affidavit stating there have been no changes to the house or property.

Another option may be to buy title insurance. As with any insurance, you pay a premium to insure you against certain specified losses. In this particular case, title insurance would protect you and the lender against any future claims that may arise and would have been detected had there been a new survey at the time of purchase.

If you buy title insurance, you must understand that although you are protected against losses, the problems themselves continue to exist and may have to be resolved at some future time.