Location Surveys are necessary on all financed purchases. The Title Company must order the survey through a licensed Surveyor in advance of the settlement to make sure there are no discrepancies or structures on the property which appear to encroach over building restriction lines, property lines, or drainage and utility easements. Boundary surveys are much more involved, more time consuming and much more expensive. They are not required by banks unless the property is being rezoned or subdivided, or there’s a boundary problem.
If you are refinancing a loan and have a prior location survey, and have not changed anything or added any improvements, then the old survey is sufficient as long as you sign an affidavit at closing. Even if you can’t find your survey, we can still insure the title to the lender if you sign the affidavit. However, some lenders may require that you have a new survey. In that case, we will contact you about ordering one.