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If there IS an existing survey the same surveyor has the data in his files usually on a computer now and can easily reprint the map certifying the drawing to you your lender and title insurance company in the title block on the map.
Can i get title insurance without a survey. This is not covered in a standard Owners Policy of Title Insurance OTP. Otherwise the insurance will likely exclude coverage for problems that could have been discovered by the survey. Nor does title insurance protect the owner from damages resulting from boundary issues.
The majority of lenders accept title insurance in lieu of an up-to-date survey with the cost of title insurance being a fraction of the average cost of a survey which can range from 500 to 1200. Even when a survey is not required as in the purchase of a strata lot lenders may require title insurance. Title insurance is only available after a land survey is conducted on the land in question.
Legal Coverage The title insurance company will pay for most legal expenses involved in. If there ISNT a survey you have two choices 1 get a survey done. However the purchaser of the property is only provided survey coverage if they have a boundary survey performed on the property prior to closing.
A survey along with the title report is a must-have for the lenders insurance policy. A general survey exception. The following excerpt is from an article by Richard Courtney for the Nashville City Paper.
However the response of the title insurance company to a survey related claim. This can be done for a few hundred dollars. The purpose of the Standard Exceptions is to limit the liability of the title insurer for matters that are not disclosed in the public record or matters that would be shown by a survey or inspection of the premises.
Nothing can replace a survey or provide as much information to the property owner about the extent of the title and it could save thousands of dollars of trouble down the road title insurance or not. More details regarding the items that are and are not covered by the insurance are typically found within the title commitment under Schedule B. Even in cases where an existing survey does exist there is no guaranty that it represents the state of the property at the time of the transaction.
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