Condominium/Real Estate Law Blog
A Survey Really is Needed
Posted by Jeff Barnes on December 28, 2011
At closing, a title company, assuming that the new buyer used a bank to assist in the financing of the real estate, will issue a lenders’ title insurance policy as well as a buyer’s policy. If a new survey is not obtained prior to closing, the title company will mark an exception to the buyer’s policy relating to survey coverage. This means, that although the buyer is getting clear title to the property, the buyer has not survey title insurance coverage. So, if the buyer does not have a survey performed before purchasing real property, any later discovered items such as an encroachment, easement, boundary line, fence location and setback disputes will not be covered under the buyer’s title policy. Not having a survey performed prior to acquiring real estate may cause serious impact on the overall monetary value of the property.
If you have questions about this or any other issue related to real estate law, feel free to contact us to discuss the details and see if we can assist you in your legal matter.
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