Mortgage Surveys
What Is a Mortgage Survey
A mortgage survey is a land survey that confirms property boundaries before a buyer is lent the money to purchase the property. If the property is purchased in cash, a mortgage survey is typically not required, although highly recommended. If the property is being financed, a mortgage survey will be required by the state.
Mortage surveys compare the land measurements taken to those recorded in previous deeds and formal records to define the exact shape and size of a property and where its limits are.
Why Do I Need a Mortgage Survey
The biggest reason you would need a mortgage survey is if you’re taking out a loan to purchase a property, in which case a mortgage survey is usually required by title companies and mortgage lenders. There are many benefits to having a land survey done, even if you’re a cash buyer and aren’t required to get one.
Title companies and mortgage lenders want property boundaries to be clearly defined because they can not only protect against legal issues, but the size and shape of the land, as well as the size, shape, and location of additional structures on a property such as a deck, pool, or additional building can affect the property value.
Mortgage Survey Process
The first step in a mortgage survey is for research to be done into the legal descriptions that already exist on the property and where its boundaries are.
Next, the land surveyor will visit the property and use specialized tools to outline the boundaries and features of your property. The surveyor will make sketches that include these boundaries and features, both natural and manmade.
Once the fieldwork is complete, the surveyor will create a detailed map that outlines and details the properties features, legal boundaries, and structures on the property. The completed survey will also include details such as the street address, locations of properties that border the surveyed property, possible improvements to the property, right-of-ways, and easements.
Right-of-ways and easements are important because they outline how to handle shared driveways or yards, as well as whether or not your neighbors have right-of-way access to spaces in between the properties. This can help you avoid potential land disputes and protect you from legal issues.
FAQ
Because we are a small business and can give customers a more attentive customer service experience, GT Surveyors is able to provide our services to customers faster than many larger companies. However, because every property is different, the turnaround time will depend heavily on the size of the property, its features, and more. Contact us for a more accurate estimate on how long your mortgage survey will take.
Similar to the timeframe, the cost of a survey is not one size fits all. The cost of your mortgage survey will depend on the size, property features, etc. of your land. GT Surveyors is proud to be able to offer our services at an affordable rate compared to many larger survey companies. Reach out to us for a quote on your mortgage survey.
A mortgage survey is only required if you’re planning on financing your property, however, there are several reasons why it is recommended to always get an accurate property survey done before purchasing any land.
Only a licensed surveyor can complete a mortgage survey, although you are free to choose your own surveyor. If you’re in need of a licensed surveyor, contact us today to get started.
Contact Us
Get in touch with us today by contacting us directly or filling out the form.
- (561) 753-0353
- gtsurveying@gmail.com
- 1660 Southern Blvd. Unit K, West Palm Beach, FL, 33406
