What is a Mortgage Survey?
A mortgage survey is a survey that determines which major buildings are on the land – such as a house, garage, or shed and to make sure there are no encroachments onto the property. Mortgage and title companies are generally the ones that request for a mortgage survey to be done. This survey is not a boundary survey and should not be used to establish property lines, and easements because property markers are not set during a mortgage survey.
The purpose of a mortgage survey is to ensure that the property being mortgaged has a clear and marketable title, and that the property boundaries and improvements are accurately represented. The mortgage survey will typically include information about the location of the property boundaries, any easements or rights-of-way, the location of improvements such as buildings and fences, and any other relevant information about the property. The surveyor may also identify any encroachments or boundary disputes that may affect the property.
A mortgage survey is typically required by the lender as part of the loan approval process, and may also be required by local zoning or building authorities. The cost of a mortgage survey is usually paid by the borrower, and the survey report is provided to the lender and the borrower as part of the loan documentation.
When to get a Mortgage Survey:
-Buying a property
-Title Insurance