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.
To Survey or Not To Survey: That is the question. The answer in our opinion is yes. We are often asked, “Is a survey really necessary?
The house has been there for years, it’s in an established neighborhood, and it is an additional expense.” None are satisfactory reasons.
We routinely review surveys from established properties that have significant survey issues. In the past year alone, we have “discovered” 7 swimming pools built into easements,
a $650,000 home with an encroaching chimney, a house built 2 feet over the property line, and another where the neighbor built a 371 square foot room addition onto the property.
There also were numerous fence concerns where boundary fences were well over property lines. In each case the current owner was “not aware” of the problems.
The matter has been further muddied because with the newer ALTA Homeowner’s Title Policy, a survey is not required. However, if a survey is not obtained, only the lender is fully protected.
The buyer is only insured against forced removal of the structure excluding fences and boundary walls. Any matter that would have been disclosed by a survey is not covered/ insured.
Realtors® remember: if you recommend to your buyers that they do not obtain a survey, and there is a “problem”, you may potentially be liable.
Survey Seminar: There's still time to RSVP for Reliant Title's seminar ‘What You Should Know About New Survey Requirements’ on Oct. 18, 9-11 a.m. at the Town Center City Club.
John Hill of Alphatec Surveyors LTD, a leading expert in Land Surveying, will discuss upcoming FEMA survey revisions and how their impacts can be mitigated in the real estate transfer process.
This free event is open to the real estate, mortgage 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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