Oct 30 2009
Why You Should Always Have A Survey If Buying A Home
Once lenders stopped requiring surveys as part of the loan approval process some years ago, many home buyers decided to “go without” a survey to save $300-350 on closing costs. To do so is a mistake and here’s why:
- Buyers are unaware of what are referred to as “matters of survey.” Matters of survey refer to anything that could negatively affect the use of the property, including encroachments, building restrictions, fences, walls, landscaping features, wells, swimming pools, decks, location and access for easements, utility lines, flood zones, etc.
- Title insurance might not cover your interests without a survey being done prior to issuance of title insurance, even though the lender’s interests may be protected without a survey.
To ensure peace of mind about your property, always have a survey ordered and have it ordered early on in the closing process after you’ve signed a contract, so you know what risks may face you with a specific property.
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