The Coach... A
surveyor is licensed.
Pitcher... A
survey is a measured drawing of a tract of land showing the boundaries of the
property and the physical location of all significant improvements and
easements affecting the land.
Catcher... A
survey assures prospective property owners of getting what they think they are
buying.
First Base... An
accurate survey will reveal setback violations, encroachments of improvements
into easements or across property lines, recorded but undisclosed easements
and the correction location of property lines and improvements.
Second Base... A
survey will reveal whether the main structure is even located on the lot being
sold!
Short Stop... A
survey in most transactions will disclose problems not revealed in an attorney's
title examination. An attorney title examination is limited to those matters
affecting titles that are disclosed in the records of the local county
courthouse.
Third Base... The
majority of what is shown on the survey is the result of the surveyor's
inspection and physical measurement of the property and improvements. The
attorney does not see nor inspect the property.
Left Field... Both
a survey and a title examination are needed by a buyer in order to be
accurately informed of what is actually being purchased.
Center Field...
The typical purchaser believes that if the lender is satisfied, if the
attorney has searched the title and if a title insurance policy has been
delivered, that they are adequately protected. This is clearly not the case
where a survey has not been obtained.
Right Field... It
is the general practice in the title insurance industry to give survey
protection in lender's title insurance policies without requiring a current
survey. The primary reason for their willingness to provide such coverage to
lenders is that lenders will not normally have a claim against the title
policy until there has been a default in the loan and the survey defect
reduced the foreclosure sales price below the payoff amount. Title insurers
have found that there are no more lender's policy claims arising due to lack
of survey than due to incorrect surveys. This coverage is not extended to the
owner because the claim for a defect would arise immediately upon issuing the
owner's policy. This explanation is an over-simplification but it is helpful
to understand what a lender means when they tell a borrower "you don't
need a survey". What the lender means is that the lender will not require
the borrower to get a survey as long as the lender is protected by the title
insurance.
Designated Hitter... Play
it safe...most real estate attorney recommend a new survey for your protection
on your purchase.
