Actually, most lenders don't require a new survey for residential loans due to the fact that Title Insurance will insure the lender against loss due to survey matters. Title insurance (also discussed on our site) will not insure a purchaser against loss due to survey matters unless enhanced coverage is purchased. Title insurance, however, will not insure the marketability of your property as a result of survey matters.

We recommend a new survey of the property in almost all cases. However, it may not be necessary if we're provided with a copy of a recent survey (dated within 10 years of closing); if the Seller is willing to sign a Survey Affidavit stating that there have been no changes to the property since the date of the recent survey; and if the recent survey is acceptable to you.

Owner's Title Insurance provides you, the purchaser, with added protection against loss as a result of defects in title, regardless of whether or not those defects can be found through a search of the public records.

These defects may include (but are not limited to) a forged signature in the chain of title, unrecorded easements, improperly indexed conveyances or liens, and unknown heirs of estates in the chain of title.

No, the title insurance premium is a one-time charge and the owner's policy has no expiration date. Also, the additional cost for owner's title insurance is minimal, especially in cases where the purchaser is borrowing a major portion of the purchase price and the lender requires title insurance to cover the loan amount. See our Real Estate Law page for more details.