Survey

Understanding Surveys and Plats of Survey for Mortgage Approval

What is a Survey or Plat of Survey?

A survey or plat of survey is a detailed drawing of a property that shows its boundaries, dimensions, and location of any improvements like buildings, fences, or driveways. It also identifies easements, rights of way, and any other relevant features that may affect the property’s use.

Why is a Survey or Plat of Survey Required for a Mortgage?

Lenders typically require a survey or plat of survey for several reasons:

  • Verification of property boundaries: The survey ensures the property lines are accurate and there are no encroachments on neighboring properties.
  • Protection of the lender’s investment: The survey helps confirm the property’s size and location, which are crucial factors in determining the loan amount.
  • Compliance with zoning regulations: The survey verifies that any improvements on the property comply with local zoning ordinances.
  • Title insurance requirements: Title insurance companies often require a survey to ensure there are no title defects or ownership disputes.

Types of Surveys:

There are several types of surveys, each with its own level of detail and purpose. Some common types include:

  • Boundary Survey: This is the most common type of survey required for mortgages. It defines the property lines and identifies any encroachments or boundary disputes.
  • ALTA/ACSM Survey: This is a more comprehensive survey that meets the American Land Title Association (ALTA) and American Congress on Surveying and Mapping (ACSM) standards. It’s often required for commercial properties or complex transactions.
  • Land Survey: This is a general survey that provides information about the property’s topography, drainage, and other physical features.

Who Conducts Surveys?

Licensed land surveyors conduct surveys. They are trained professionals who follow specific standards and regulations.

How to Obtain a Survey:

You can usually obtain a survey from your real estate agent, title company, or directly from a licensed land surveyor.

Costs:

The cost of a survey varies depending on the type of survey, the size of the property, and the complexity of the project.

Tips:

  • Order the survey early in the mortgage process: This will help avoid delays in closing.
  • Review the survey carefully: Make sure you understand the information it contains and address any concerns you may have.
  • Keep a copy of the survey: You will need this document for future reference and potential property improvements.

Additional Resources:

If you have any questions about surveys or plats of survey, please contact your mortgage lender or a licensed land surveyor.

By understanding the process and importance of surveys, you can ensure a smooth and successful mortgage approval for your home purchase.