Land surveys are still an integral part of the property purchasing process and vitally important during the purchaser’s ownership of that land. Property lines are the first thing people refer to when disputing issues like misplaced fences, garages, driveways and even homes!
While some lenders offer title insurance, nothing beats an accurate and properly documented property survey upon closing.
Title insurance protects clients against losses incurred in situations like defects on title or land survey. This protection is a compensatory measure extended as part of a claim clients may file in pursuit of correcting such a defect.
But beware that the process of filing a claim with the title insurance company is a long and complicated one. Your clients are better served by knowing upon close that they’ve purchased a property with clean title – with a survey that documents this.
Then when do lenders consider title insurance a viable alternative to having a survey? Traditionally, when a seller doesn’t have an up-to-date survey in their possession, conducting a new survey tends to be a long, expensive and arduous process. Here’s why:
- A surveyor would have to be obtained
- The surveyor would have to meet the client
- The surveyor then performs research
- The surveyor then heads to the property to perform field work which includes taking accurate measurements of the property
- The surveyor proceeds to complete drawings
- And then the survey is delivered
The beauty of today’s real estate climate is that now your client can have the best of both worlds – title insurance (which most lenders require) and a survey of the property, if one exists, and without having to trudge through the entire survey process. Some real estate sales professionals who access GeoWarehouse don’t even realize that in the GeoWarehouse store you can purchase a survey of a property electronically!
This makes life so much more manageable for already stressed buyers and sellers. If a seller doesn’t have a survey and a potential buyer makes the offer conditional upon one, you can purchase a survey – easily. If the seller doesn’t want to bear the costs associated with the survey but the buyer is adamant about having one done, the buyer can also opt to pay the necessary fee to have the survey conducted.
Click, click – property survey, and that’s it!
For more information about how you can get property surveys online, please contact GeoWarehouse today at 1-866-237-5937.