Everyone likes to save money – so sometimes a real property buyer will ask “Do I really need to order a survey?” The answer is always “Yes, you ALWAYS need a survey before you buy a parcel of property.”
A survey will locate your property’s boundary lines and the buildings and other improvements on your property. It will also show easements and encroachments (either a neighbor’s improvements that encroach onto your property or your fence or buildings that encroach onto an adjoining property) which affect your property. Perhaps most importantly, the title insurance company will not delete the survey exception from your title policy without a survey which meets the requirements adopted by the American Land Title Association (ALTA).
The survey exception eliminates title insurance coverage for matters which would have been disclosed by an accurate survey of the property, so failing to provide the title company with an ALTA survey means you are giving up valuable coverage for those matters under the title insurance policy. Without that coverage, you may be forced to later pay thousands of dollars out of your own pocket to cure a problem which would have been shown on a survey.
Believe it or not, some cash real estate buyers ask if they really need to pay for a title insurance policy – the answer to that question is always “YES” also! Protect these valuable investments at the time of closing by always obtaining a survey and an owner’s title insurance policy.