Add WA and ID to the list of states the do not require any form of surveying during a real estate transaction. Needless to say residential surveys are not my bread and butter.
Title Insurance amount is regulated by the State of Texas and is the same at every company statewide.
They write it with or without a current survey.
All that is required is a description to the property.
A Harris, post: 330342, member: 81 wrote: Then there is the part where the buyer really wants to know where the extents of their property is before they sign on the bottom line and fork out all that money....
WHAT! The nerve of some people...
Add Arizona...
I'm in the same state as bowtie and those surveys for sale are usually pretty good filler for the in-betweens on other bigger jobs. As a matter of fact, what on Earth are you guys doing when you're not surveying property? I understand there are other types of surveys, but surveys for these transactions make up over 50% of my business. I like doing them, they can be a challenge. What I do find, is it's just a necessary evil to the title co. and the realtor. They could care less about what your survey looks like, or what it shows. As a matter of fact, they rarely use them. I think a majority are just folded up and thrown in the folder with a couple of copies going to the client (if they even do that). I have a friend who's a realtor that from time to time lets me look through their folders in areas where I have little info. Sure enough most times I find a copy of the survey in there. No notes on it, no nothing, other than it was a boxed that got checked off for a closing. I was in said friends office about a month ago and found a file on one I had worked on and all my signed and sealed copies were still in there. They gave the client not one single copy of their survey. Oh well....
To those of you who work in states that bank underwriters don't require a survey for residential real estate closings, is a copy of first survey of these properties recorded somewhere that makes makes the banks comfortable with going without?
Bow Tie Surveyor, post: 348234, member: 6939 wrote: To those of you who work in states that bank underwriters don't require a survey for residential real estate closings, is a copy of first survey of these properties recorded somewhere that makes makes the banks comfortable with going without?
No
Sometimes but not always...
"Title Insurance amount is regulated by the State of Texas ..."
What?! Why in the world does the State have any say in Title Insurance at all? Sounds very strange...
Very rarely.
I do not understand why every insurance is not regulated to a standard across the board rate.
Title Insurance companies compete with each other over satisfaction and reliability of their opinions and the quality of their friendly service.
It depends. All platted lots have a plat map associated with it and the plat will show the appropriate dimensions and such. Alot of the unplatted property around here has been surveyed and every survey has to be recorded at the courthouse. On the flip side, the unsurveyed properties are sold with whatever legal description of record there is, no surveys.
