Home > closing costs, gcaar, how to buy a house, settlement costs > Location Survey – WHY?

Location Survey – WHY?

The GCAAR Regional Sales Contract makes only one reference to the survey and is found in para.#19 as follows: “The title report and survey, if required, will be ordered promptly . . . .” Note the key phrase “IF REQUIRED.” What does that mean?

“IF REQUIRED” means if required by the purchaser’s lender. Nearly all mortgage lender underwriting will require the title insurer to issue a lender’s title insurance commitment without exception to survey matters. In other words, a lender will not accept a title insurance policy without coverage for survey matters.

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  1. September 30, 2010 at 3:49 am

    Great information!
    I would totally suggest having a professional survey done, whether or not it is required by the lender. It’s always been strongly advised to have a home inspection done before the purchase is finalized, why not also have your lot inspected by a surveyor. It gives a real sense of peace of mind, especially when a boundary dispute arises.

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