One of the many questions a purchaser will be asked during a transaction is whether or not they would like to order a survey on the property. Many buyers only consider the expense when making their decision and will decline if the title company will give the lender coverage on the transaction. This may not be the best decision based on the following:
• Be sure that a buyer understands that even if the title company agrees to give the lender coverage- they WILL NOT receive coverage.
• The time to argue a point about the survey is during the time period set out in the contract. Any issues that come up after the fact will be the buyer’s problem- the seller will not be responsible for helping “cure” the issue.
• If the purchaser is constructing a fence or other improvement upon closing, they should consider purchasing a Boundary Survey because many municipalities will require one in order to grant a permit.
• A title company will only give COMPLETE survey coverage to the purchaser with a new boundary survey or a recent boundary survey and fully executed survey affidavit.
• Existing surveys must be ten years old or less to be used in a real estate transaction.
• A Surveyor’s Real Property Report, while cheaper, has a greater margin of error than a boundary survey.
• A Surveyor’s Real Property Report may not be used for commercial property or multi-family structures which share a common entrance way or stairwell.
Any questions regarding survey issues can be directed to Security Title. Please feel free to call:
Jack Forsythe
Legal Counsel
(314) 442-6965
“Secure Your Investment With Security Title”

