When you purchase or refinance a property, getting title insurance is very important. A title insurance company looks at the property’s deed history to identify title defects. During a transfer of property ownership, title insurance protects the lender and homebuyer against errors in the deed. The title insurance company ensures that the transfer can be done legally.
Before a title insurance policy gets approved, a land survey is sometimes required to locate the boundaries of the property. These two documents are important in establishing land ownership.
Advantages of Getting a Land Survey
Hiring a land survey is crucial if you want to get a title insurance policy. When a deed error or unforeseen issue happens, the policy will protect you from financial loss. However, the title insurance company will only provide survey coverage to those with a land or mortgage location survey.
When obtaining title insurance on your property, make sure to get a land survey completed by a professional surveyor. An accurate land survey helps you decide whether purchasing the land is a good or bad decision. Here are the benefits of land surveys.
- Confirm the Legal Description of the Property
Land surveys like ALTA and mortgage location surveys are important in identifying the accurate location of the property lines and fences. It shows the boundary lines included in the legal description and deed.
A mortgage location survey is also used to confirm to the title company that the descriptions in the deed are accurate. A professional surveyor can guide you in making sense of the legal descriptions. This will help you avoid any issues when applying for title insurance.
- Identify Any Deed or Property Issues
Real estate problems can be quite complicated. As much as possible, we want to avoid land issues when purchasing or selling a property. Like you, a title insurance company takes into account the potential ownership issues. In case of a title dispute, they will have to cover the required legal damages.
Here are some of the issues that a mortgage location survey can determine:
- Neighbor Encroachment onto Your Property
- Structural Encroachment
- Issues Related To Property or Utility Easements
If you’re planning to buy a property, you are encouraged to get a land survey and title insurance coverage to protect your investment.
- Help You Obtain Financing
There are many options to finance a land purchase. You can opt for conventional bank loans, private money loans, home equity loans, and local lenders. If you want to borrow money from a lender, they may require an up-to-date land survey. Most mortgage companies require this document to ensure the property is worth the loan amount.
To close your loan, it’s important to find a reliable land surveyor near your area. A surveyor will give the value of the property and identify issues that you need to know.
A Land Surveyor’s Role in Title Insurance
It’s always best to obtain a survey for any kind of real estate transaction. Any kind of property sale requires a clear title to ensure the property is free from disputes or liens.
It doesn’t matter if you’re the buyer or the title insurance company. A land survey is beneficial to both parties involved in the real estate transaction. This is because surveys provide vital information needed for the closing.
Professional land surveyors play an important role when it comes to title insurance applications. Their tasks and responsibilities include the following:
- Examine previous land survey records, legal documents, and land titles
- Determine the dimensions and boundary lines of the property
- Confirm whether the property is being sold or mortgaged and insured
- Identify rights of ways and utility easements
- Write descriptions of the property boundaries
- Detail any property encroachments
Final Thoughts
At Pittsburgh Land Surveyors, our main goal is to address your surveying needs. We are proud to bring a wide variety of land surveying services. We offer flood elevation certification, boundary surveys, ALTA surveys, construction surveys, and more!
Our team consists of highly professional land surveyors who will produce accurate results. We take pride in our time-tested surveying techniques and state-of-the-art equipment. When you work with us, you can expect quality surveys and amazing customer service.
For additional information, do not hesitate to call us today! Our friendly staff will answer any concerns you may have.
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