When purchasing real estate, a mortgage survey is often required. What is the purpose of a mortgage survey? Let us explain.
What is a Mortgage Survey?
A mortgage survey is a comprehensive report of all the details of the property you are purchasing. If you are financing your purchase, the mortgage lender often requires a mortgage survey to be completed. Yes, you can walk around the property and learn a lot about it, but a professional mortgage survey reveals much more. There are many things not visible to the naked eye that need to be studied before making your purchase. A mortgage survey will make sure you know all of the facts about the land in which you are investing. Mortgage surveys may also be referred to as a title survey as one is often required by the title company.
What Does a Mortgage Survey Reveal?
A physical inspection of the property will reveal details about the building or structures on the land. A mortgage survey focuses on the land itself. It will determine land boundaries and building locations. It will also note buildings, sheds, fences, easements, natural landmarks, and building setbacks. Once the mortgage survey is completed you can feel confident that no one is encroaching on your property and that the land meets current building and zoning codes.
Isn’t a Home Condition Report Enough?
When considering the purchase of land, you were probably given a home condition report. A home condition report provides only a basic overview of a property’s condition and any risks it may hold. It is much less thorough than a mortgage survey. It is important to keep in mind that this report was provided by the seller also. It could be biased. You always want to get a third party to conduct a more thorough mortgage survey that will provide the exact condition and value of the land before committing.
Use Trusted Professionals
Purchasing real estate can be a stressful undertaking! Having confidence that you know all of the details of the land you are purchasing can lessen some of that stress. The professionals at Engineering Design Group can help you by providing an accurate and detailed mortgage survey. Our experienced team of surveyors will provide a quality survey using the most up-to-date technology so you can move forward with confidence. Contact us today for any of your surveying needs!