Lenders often have specific rules regarding whether or not a survey of the property will be required as a condition of the loan and, if so, the type of survey that is acceptable. These requirements may or may not be sufficient to protect the new owner's interests. Buyers or current owners may want to obtain a survey in order to clarify their interests. Therefore, it is important that property owners be made aware of the various types of surveys and their costs. I can assist clients in mailing such decisions by comparing the price of each type of survey to the protection afforded.
A current survey is usually required in order to include "survey coverage" in an owner's title insurance policy. Information on title insurance and its function in the transaction is provided elsewhere in this summary.