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Masters Title & Escrow

Masters Title & Escrow

DC, MD, VA, PA & FL real estate settlements

The Importance of a Survey

If you are purchasing real estate, you absolutely should obtain a survey of the subject property. The costs of a survey are far outweighed by the potential risks in closing on a property without knowing the information a proper survey would disclose.

As a buyer you may not be required to obtain a survey. However, if you decline a survey, the owners title insurance policy issued to you will exclude coverage for any matters which would have been disclosed by a survey. In that case you would not have title insurance (or legal defense) to respond to a boundary dispute, encroachment, or other survey-related problem.

Choices

For most residential property purchases, the buyer must choose whether to obtain (1) a location drawing, (2) a boundary survey, or (3) neither.

With commercial properties, upgrading to an ALTA/ACSM survey is the most common way to protect the significant investment that a commercial purchase often represents.

Differences between these survey types are outlined below.

After reading the material below, please complete the Survey Authorization Form at the bottom of this page. As a buyer you will be responsible for the cost of whatever survey you elect.

Survey Types

Location Drawings

A location drawing is a quick and inexpensive survey of the property and the most common type of survey conducted in connection with residential property resales. This drawing locates the property lines and all improvements on the lot. A location drawing is the minimum required to satisfy the needs of the lender and title company to remove the survey exception; however, it does not establish the actual, true property lines or corners of the property, and it cannot be relied upon for construction. The cost of a location drawing is approximately $200.

Boundary Surveys

A boundary survey takes longer and is more expensive than a location drawing. Boundary surveys locate the actual, true property lines and corners or the property, as well as the location of any building setback lines or easements for utilities, driveways, sidewalks, etc.. The property corners are marked by the surveyor. A boundary survey can be relied upon to accurately erect fences or other improvements on your property. The cost of a boundary survey ranges from $750 and up.

If you plan to make any improvements to your property (such as a garage, fence, addition, etc.) it would be a good idea to order a boundary survey.

Boundary surveys are not nearly as comprehensive as ALTA/ACSM surveys.

ALTA/ACSM Surveys

ALTA/ACSM surveys are the standard for commercial property purchases. ALTA/ACSM surveys meet the highest standards recognized throughout the industry and they provide information including property boundaries; easement and encumbrances; encroachments; evidence of use by other parties; names of neighboring property owners; land improvements; roads and property features; access and legal routes to the property; zoning classification; flood zone classification; water boundaries; existence of cemeteries; legal property description.

The cost of an ALTA survey starts in the thousands of dollars. If you need an ALTA/ACSM, we can obtain quotes for you, but you will need to contract with the vendor directly and a deposit will likely be required.

Timing

A location drawing can be completed in under a week; a boundary survey will take a longer; and an ATLA can take considerable time. Actual time to complete any survey will vary depending on the complexity of the property as well as market demand.

Survey Authorization Form

*required

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Phone:

240 630-3700

Fax:

202 521-1802

Offices

10411 Motor City Drive
Bethesda, MD20817

2936 O'Donnell Street
Baltimore, MD 21224

305 Washington Ave
Towson, MD 21204

1054 Potomac St, NW
Washington, DC 20007

2900 NE 7th Avenue
Miami, FL 33137

Questions?

We cover pretty much everything you would want to know about the settlement process on our FAQ -- Frequently Asked Questions page.

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