I am buying a home and I was told I would need to pay about $500.00 for a survey. I received a package from my title company I am using today with a survey in it, but it is dated 1982. Is this going to work? Why would they send me this?
2007-06-05 12:02:23 · 2 answers · asked by pooh bear 4 in Business & Finance ➔ Renting & Real Estate
The chances are that it will not get accepted if a lender is using a government guaranteed loan for you to be able to acquire the property.
A full blown survey will cost you way beyond 500 what you are probably being told is that an ILR is being required and an ILR is an Improvement Location Report which the surveyor will go out and draw your boundary lines in a survey and show the location of the improvements as they relate to your boundaries so as to make sure that there are no encroachments.
I'm surprised though that the agents did not address such needs in the offer to purchase and who was going to pay for such closing cost.
In any event I would get one anyway since that survey is old and a lot of things could have happened since. Cheap price to pay for peace of mind.
Best of luck to you.
2007-06-05 12:19:14 · answer #1 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
It will be up to the title company and the lender to accept that survey. I sold a place in San Antonio last year and they accepted the survey I had from 1990 so it's worth asking. The fact that the 1982 survey was in the package from the title company may mean that they will accept it. Call and ask!
2007-06-05 19:09:03 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋