In an effort to keep Hampton Roads Realtors®, agents, brokers
and lenders up to date on title and closing issues,
Reliant Title is now publishing a bi-weekly email we
thought you might be interested in.
Jan. 1 Survey Changes Carry Big Impact: The present FEMA Flood Elevation Certificate will expire in December 2005.
The proposed replacement certificate is currently in “final draft” form and will be approved soon.
The revisions are dramatic and will require greater cooperation between the surveying and real estate communities.
Additionally, recent FEMA Technical Assistance Bulletins have revised definitions of “Lowest Adjacent Grade,” and the “Basement.”
There are listing, contract, and mortgage underwriting implications.
Bottom Line: Elevation Certificates for individual properties will be far more expensive, time consuming to complete, and cannot be done at the “last minute”!
Reliant Title will hold a seminar "What You Should Know About New Survey Requirements" on Oct. 18,
9-11 a.m. at the Town Center City Club featuring John Hill of Alphatec Surveyors LTD.
John is one of the leading experts in Land Surveying and will discuss the FEMA revisions and how their impacts can be mitigated in the real estate transfer process.
The event is free, open to the real estate and banking communities, and includes a breakfast buffet.
For more details or to register contact Matt Reass at (757) 493-7600 or matt@relianttitle.com.
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