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If a lender is involved in the transaction, removing any survey exceptions from the title insurance policy would be a requirement of a lender. A title company would require a survey in order to remove any survey exceptions. So, in order for the title company to comply with the lenders instructions, a survey would be required. If it is a cash deal, then a title policy could be written leaving in the exception to coverage for any matters found on an accurate survey. In this case, the survey would be an option rather than a requirement. It is a good idea to get a survey, even on a cash deal and avoid survey-related issues after the closing.
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Do you need a survey if no mortgage is required?
If no mortgage is required, a survey may not be necessary unless there are other property boundaries, easements, or zoning issues that need to be identified. However, having a survey can still provide valuable information on the property's boundaries and features, which can be beneficial for future planning or potential legal matters.
What is a ILA land survey?
An ILA land survey, also known as an Improvement Location Certificate, is a type of survey that shows where improvements like buildings, fences, and driveways are located on a property. It typically does not show boundary lines or property corners. It is often used for real estate transactions to verify the location of improvements in relation to property boundaries.
Can you sell property without a survey?
In some cases, you can sell property without a survey, but it is generally recommended to have one done before listing the property. A survey can help verify property boundaries, locate easements or encroachments, and identify any issues that may affect the sale. Buyers may also request a survey as part of their due diligence.
What exactly is an Alta Survey?
An ALTA survey, short for American Land Title Association survey, is a detailed survey used in real estate transactions to identify property boundaries, improvements, easements, and other important property details. It is typically more comprehensive than a standard property survey and is often required by lenders or title insurers to ensure that the property is accurately represented.
What does 8 offset mean on a boundary survey survey?
An 8-foot offset on a boundary survey usually refers to a distance that lines are measured parallel to the boundary line or property line. This offset helps in accurately mapping out the boundaries of a property and determining the correct location of property lines.
