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Is this necessary? Our lender is not requiring it and so the title company called us asking if we wanted this or not. If we opt not to do it, then we sign a waiver saying the title insurance will not cover plot disputes, border disputes, etc...
There is no fence, patio or shed on the property at this point.
We are thoroughly confused if we should buy this survey or wait to do it later if we want to build a fence in the future.
Really depends. Could be A HUGE DEAL if there is ANY possibility that even the basic structure of the house or driveway MAY be too close / on the neighboring parcels. In many areas this is all but impossible, but in others it MIGHT happen innocently. Without knowing the kind of lot (size, rural, in-town, builder developed, et cetera) it is hard to make recommendation.
How much is the charge for surveying? I tend to err on the cautious side for this sort of thing and pay for it even if I doubt it'll show anything... I like the little elevation lines
To clarify, what m.a.m is saying (as I too live in Illinois) is the standard contract language is that the seller shall deliver an accurate survey of the property. If the seller does not have one the standard in Illinois is for the seller to pay for one. Even then LOTS of lenders order a new one as part of the "lender's package" with the appraisal (to cover their own butts and make sure there is nothing hinky going on) and BILL THE BUYER for this at closing...
As your lender is OK without a survery obvious local custom is different in your neck of the woods, though the title company STILL wants an OUT as a signed waiver. Frankly $275 is worth it to me. Heck you can frame the thing and hang it in the den! Cheap start of your art collection.
Yes I recommend it! We had one done and I think it's very important to get one done. You'll find out if there are any encroachments or easement to worry about.
This is a foreclosed property so I don't know if the seller/bank would still be responsible for it... have to check on that I guess... I was not going to get this, and now I'm reconsidering...hmm...
thanks.
In our area, Colorado Springs, an "Improvement Location Certificate" is only done if the lender requires it. I've never had a lender require it. In the metro area it's not usally done - if the home is in a "blub" deveolpment, I've never heard of it being done.
All this said, different areas are - different. Seek the advise of your Realtor and lender.
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