"Caveat emptor", Latin for "purchaser beware", is a phrase often heard when purchasing or selling a property.

The well-known saying is a warning that purchasers should carefully investigate a property because there may be no recourse against a seller after a transaction closes.

The purchaser's attorney checks the paper title to the property (known as the deeds) but the purchaser should also inspect the boundaries and physical condition of the property and is strongly advised to engage professionals to assist.

A purchaser is buying property plus any problems with the property e.g. boundary, structural or vermin.

A purchaser should factor rectification of problems into the purchase price, because after signing a sale and purchase agreement or closing, it may be too late either to obtain a price reduction or to withdraw from the transaction.

Over time a property's boundaries may become ill-defined in many ways e.g. fences, hedges and walls can fall into disrepair and pathways can become overgrown. Neighbours may encroach.

An easy way for a neighbour to object to a planning application is to claim that there is not enough set back from an encroached boundary to accommodate a planned extension. Having correctly identified boundaries should establish distances for set back purposes.

Poorly identified boundaries, or lack of a decent plan, can also delay property transactions while a boundary is re-staked or a new plan is prepared.

If a property is being financed, the bank will insist on a survey, however the purchaser may not rely on the bank's survey.

The purpose of the bank's survey is to establish the value of a property as security to the bank and not to identify potential future ownership hassles and expenses.

If there is a problem, the bank's survey is of no use to the purchaser.

If you are buying a house you are strongly advised to make sure the property is surveyed to your satisfaction.

A boundary survey should confirm that the legal property description accords with a property's physical position and that the boundaries are correctly staked. If there is no plan with the property title deeds, or if the plan is old, or poor, a surveyor should be engaged to prepare a new plan.

A well-defined boundary and up-to-date plan should be good for an efficient future sale, or for mortgaging the property, or for obtaining planning permission.

A house may look pretty and in good condition but spotting termites may be difficult, especially if an invasion is only recent. A professional should be able to spot an invasion and warn a potential purchaser of dangers and the cost of treatment. Once the cost of treatment is known, a purchaser can decide whether or not to proceed and may even be able to negotiate a price reduction.

A structural survey is advised, especially with older property, as cracks may literally have been papered over or retaining walls may be weakened.

If a retaining wall is later found to be weak, insurance cover may be unavailable and the wall may need to be reconstructed at substantial cost.

Many purchasers save money by avoiding professional surveys but that may be at future cost. Even if a survey does not identify a problem that is later found, a professional may have insurance, to cover against a poor or negligent survey.

Surveys can identify problems associated with a property, and provide useful information in helping you to decide whether or not to proceed, re-negotiate terms, or require that problems are rectified before closing.

In short, surveys clarify the manner in which land can be enjoyed or improved.

Attorney Neil Molyneux is a member of the Property Practice Group of Appleby. A copy of this column is available on the firm's website at www.applebyglobal.com.

This column should not be used as a substitute for professional legal advice. Before proceeding with any matters discussed here, persons are advised to consult with a lawyer.