The mortgage survey is a big part of home buying. A mortgage company does not want to finance a purchase unless there is a full understanding of the boundaries and the size of a lot. You also want to take steps to protect your investment and not inherit issues with your purchase. It is likely that you will see surveying fees on your paperwork, so this overview will help you understand why they are necessary.
Types of mortgage surveys
A land survey shows property characteristics including natural features and buildings. If there are any property lines or easements, the survey will reveal those, too. It is basically a detailed report about the layout of your property.
When it comes to a mortgage survey in Texas, mortgage companies will likely prefer one of two types. A mortgage location survey assesses the buildings on the land, like your house, detached garage or even large sheds or shops. It will check to see if any of these structures encroach on the boundaries or if a neighbor has crossed into your property line. Since these defects can affect title and ownership, finding these mistakes can derail getting financing unless they are resolved.
A mortgage inspection survey is more common. It will consist of structures but will not always include property lines. Well-defined suburban lots often only need a mortgage inspection survey because the property lines are already pretty clear. However, if you anticipate adding buildings to the property, you may want to request a mortgage location survey so you do not have to order it later when you build. Also, rural lots may not have obvious boundaries, and a mortgage inspection survey may not be adequate for preventing future disputes.
Effects of a mortgage survey
You should see the survey as a form of reassurance, as it protects the interests of both you and your mortgage company. Besides confirming the boundaries, these can also show that the buildings meet zoning requirements. You can go into a property purchase knowing that your neighbors are not encroaching, and that you will not face municipal fines in the future.
If you are buying property and anticipate adding buildings, the survey can also inform you if renovations are allowed. It is possible that zoning laws will not allow that new garage or shop you’ve always wanted, and if you have your heart set on those developments, it could change whether you wish to buy the property.
However, there is always a chance that the survey will reveal unpleasant information. While that development can be disappointing, especially if you are excited about your new home or property, it is better to find that out during the pre-purchase phase. When you purchase a property, you also acquire any problems that come along with it. That can become a very expensive error.
When you need a mortgage survey in Texas, you want to find a reliable, licensed land surveyor. D.G. Smyth & Company is an expert on surveying services, including mortgage surveys. Call us today to set up a consultation.