What Is A Land Survey?
A land survey is performed by a registered land surveyor for the purpose of describing, monumenting and mapping the boundaries and corners of a parcel of land. It may also include the design and layout of new lots and streets, the determination of the physical features of the land parcel, and the location of the buildings and other improvements upon the land. The surveyor must interpret the intention of the deed and other pertinent documents.
The cost of a survey is based on the time required to obtain the necessary information of record, to make the field survey of facts as they exist on the ground, to perform the required office computations leading to a plat or map of the findings, and to monument the lines on the ground. Also affecting cost is weather conditions, the availability of existing records and monuments, and the type of terrain.
The surveyor will study your deed and show you what, in his professional opinion, the record and facts indicate the boundaries of your land to be. The surveyor will prepare a plat or map of your property, indicating the measurements made, the monuments placed, and the computed acreage. It will be filed with the County Surveyor within 60 days of completion.
What Is the Difference Between a Mortgage Inspection And A Survey?
Generally a mortgage inspection is part of the “closing” costs of a property transaction. Most people believe they have paid for and received a land survey. This is not so. Most lending institutions wave most of the administrative surveying requirements from the mortgage inspection. Thus the inspection generally will not determine or locate property lines or encroachments. The primary purpose of the mortgage inspection is to ensure that the major improvements are located on the land so that in the event of a foreclosure all major land improvements can be secured. The lending institution is not concerned with fence encroachments and the like because the dollar value is just a small part of the loan.
Due to the amount of work involved in mortgage inspections versus a “real” survey, the costs are substantially different and so are the results. Never use a mortgage inspection map to add improvements.