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Survey
Do I need a new survey:
The mortgage lender may require a current map or survey of the
property. From the lender's perspective, the basic purposes of the
survey are to determine if the property is located in a flood zone
(thus requiring flood insurance), if any closure errors, minimum
square footage violations or property line encroachments exist or if
the improvements on the property violate any set-back requirements
stated in the restrictive covenants. SURVEYS ARE RARELY REQUIRED BY THE LENDER.
Our title insurance company can give the lender and you full survey
coverage even though a new survey has not been prepared. However,
your Title Insurance coverage will take exception to matters that
are shown on a current survey and will not provide coverage as to
matters of survey created after the date of the policy. Note that my
office cannot determine the location of any improvements located on
the property including the dwelling, driveway and outbuildings not
shown on an existing survey and therefore, cannot advise you as to
any title issues that may exist. If you
decide that you want a new survey, please allow 2 weeks or more for
the surveyor to prepare the survey.
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© Copyright 2007. TraceyReynolds. All Rights Reserved. |
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