What you should know when purchasing real property

Often a Title Insurance firm will make an offer to the concerned parties to hire a Land Surveyor to produce a Land Survey for their real estate transaction.

 

The agreements between the Title Insurance firm and the Land Surveyor often are made with the understanding that the Land Surveyor will continue to get work orders from the Title Insurance firm if they will not be paid for the Land Survey if the transaction does not close, the Land Surveyor will produce the Land Survey at an artificially low price and the Land Surveyor will produce the Land Survey in a short and set time limit. These types of agreements are a violation of the Real Estate Settlement Procedures Act (http://www.marealtor.com/content/respa.htm) in my opinion.

 

The presumption that the Land Surveyor is a disinterested third party evaporates in a circumstance where the Land Surveyor is only paid if the transaction closes. A Land Surveyor can be tempted to not make a thorough search of the Public Records or evidence found in the field if their budget is exceeded in the process of producing the Land Survey. A Land Surveyor can be tempted to not make a thorough search of the Public Records or evidence found in the field if such an endeavor would cause them not to meet the deadline for delivery of their product.

 

In the case where errors are found in the description of the subject property provided to an independent Land Surveyor by the Title Insurance Firm, the Title Insurance firm will not be happy when contacted to report problems found. An Independent Land Surveyor's findings potentially may delay the closing. This is why I recommend that you should always hire an independent Land Surveyor when entering into a real estate transaction.

The Problems

The problems found by an independent Land Surveyor potentially may save thousands of dollars and untold headaches in the future. In many cases the lower fee charged by the Land Surveyor hired by the Title Insurance firm is actually more expensive than the fee charged by an independent Land Surveyor because the fees charged by the Land Surveyor hired by the Title Insurance firm are simply made part of the loan. The interest payments alone on those fees, over the time period of the loan, often far exceed the cost of an independent Land Survey many fold.Problems found by an independent Land Survey can be used to negotiate the price and terms for a transaction on real property between the concerned parties, thus more than covering the fee for an independent Land Survey.

In Real Estate

Most real estate professionals involved in a real estate transaction have vested interests in the transaction closing. Many people have no experience in a real estate transaction yet a home in most cases is the most expensive item they will ever purchase in their lifetime. A Land Surveyor should never have any interest in the real estate transaction they are producing a Land Survey for.

This Content Originally Published to Land Surveyors United Network

Views: 448

Find Similar Content by Clicking These Tags ☟
Subject Tags: Land, Purchasing, Survey, Surveyor, boundary, estate, real

Say Something ⇣

Reply by Ty Olinghouse on February 2, 2011 at 10:41pm

I totally agree Karl..

 

i might add that is also a violation of minimum standards in alot of states, alot of states, AZ being one requires a written agreement for services.

 

work with a title company can help get your business off the ground, and get you started, and is a tough way to make a living sometimes, being under such demands

 

this is where i think, educating the public goes alot further... the title attorneys are not considered as Joe blow, and they don't want to hear about the problems we found on there survey they just ordered

 

"i don't want the labor pains, i just want the baby" attitude is pushing surveyors to extinction,  if they don't comply, there is someone who will WTH?

Global Trade organization for Professional Land Surveyors and Geospatial Pros. Frictionless GeoCollaboration Surveying Forum and Groups

Surveyor Hubs and Tags

Surveyor Community Hubs For World Regions

Surveying Hubs For US States

Social Support For Equipment

Surveying Photos by Tag

Surveying Videos by Tag


What You Missed

Nate Weber posted a photo

When a horse takes over the total station

This curious animal thought they could take a look while we weren't manning the equipment...and…
40 minutes ago
Profile IconNate Weber, amir shahbaz, Mohamad Asrul and 10 more joined Land Surveyors United
44 minutes ago
LSU Justin's group was featured
Land Survey Media Thumbnail

Trimble Support Group

This group is for LSU members who use Trimble in the field. This group is for discussions and…See More
45 minutes ago
Ralph V. Pendergraph Jr., PLS joined LSU Justin's group
Land Survey Media Thumbnail

Leica Support Group

This group is for LSU members who use Leica Instruments in the field. This group is for discussions…See More
2 hours ago
LSU Justin shared Bill Buntrock, PLS's photo on Tweet This
4 hours ago
LSU Justin promoted Bill Buntrock, PLS's photo
4 hours ago
Kennedy Kwashie Komla shared Anthony Wordi's photo on Facebook
4 hours ago
Anthony Wordi posted a status
"Expert in RTK sales and rentals +233244553413"
5 hours ago
Anthony Wordi posted photos
5 hours ago
Tiago Dias's photo was featured
5 hours ago
Bill Buntrock, PLS's photo was featured

Trimble S3 Grand Lake Colorado

Trimble S3 and Trimble r8
6 hours ago
Profile IconThere are 7192 members on Land Surveyors United
6 hours ago
Shawn Harp posted a discussion

SURVEY STUDENT GRADUATING 2016

Hi all! I am currently attending Ferris State University's Surveying Engineering program and will…See More
8 hours ago
Shawn Harp joined LSU Justin's group
Land Survey Media Thumbnail

Student Surveyors

Student surveyors, surveying in schools and student surveyor support on Land Surveyors United. Join…See More
8 hours ago
Stephen L. Barcena promoted Surveying Jobber's photo
10 hours ago
Lourens Pepping replied to Lourens Pepping's discussion attribute display in txt file in the group Trimble Support Group
"Darren  Thank you for the information, that should work. do you also happen to know if…"
12 hours ago
Tiago Dias posted a photo
13 hours ago
Darren Noble replied to Lourens Pepping's discussion attribute display in txt file in the group Trimble Support Group
"Hi Lourens, I'm not sure about changing the stylesheet, but this would be a simple task in…"
22 hours ago
Mahmoud Khalifa updated their profile
yesterday
Mahmoud Khalifa commented on Arturo Escalante's status
"Hello, can you join us…"
yesterday

Take This Page With You

follow us in feedly

Take this Page With You

QR Code for This Page: What is this?

Surveyor Goodies

© 2014   © Created by Land Surveyors United

Badges  |  Contact LSU  |  Privacy Policy  |  Terms of Service

Related Posts for Land Surveyors UnitedRelated Posts Plugin for Land Surveyors United Network ForumRelated Surveying Photos Land Surveyors United Live Support