About Property Surveys

Property surveys for your new home purchase provides much need information about the property you are about to close on. There are many good reasons to have a survey completed which include but not limited to:

  • boundary lines
  • easements
  • encroachments
  • zoning
  • and well location.


Additional ‘extra cost items’ may include bench mark placements, septic location, elevations and elevation certificates.

A property survey is for your benefit and probably in most cases more important than a home inspection. The survey is often ordered by the realtor on your behalf when the closing or title agent is selected. This is a direct cost to you the buyer, whether you close on the home or not.


Misconceptions about property surveys

A common misconception is that the lender is actually requiring a survey to be completed. That is not the case. The fact is the lenders most often require the closing attorney or title company to provide a Title 9 insurance policy. In order to complete this, it’s the sole discretion of the title company – whether or not a survey is required. My experience says 99% of the time the title company will require a survey to reduce their risk on issuing the title insurance policy on the property.

Another important note to remember is that federal law requires lenders to ensure a flood insurance policy is in place if the loan is backed by a GSE if the property is located in a flood zone. (GSE is a government sponsored enterprise such as Freddie Mac and Fannie Mae). You the buyer/borrower can get a flood insurance policy without a flood elevation certificate on the property. However, this can be extremely costly and will have a great effect on your debt to income ratio. Getting an elevation certificate on the property most often will greatly help reduce the cost of your flood policy.

Part of your due diligence is getting the right information from your realtor, title company and insurance company during your inspection periods inside your real estate purchase and sales contract. Your Realtor should be your first point of contact for this information. Remember even if your Realtor fails to provide this to you it ultimately is still your responsibility to ask questions and get all your facts. Ask questions, research, get the best information on time and we will see you at a happy closing table.