Land Surveyor

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.

ย 

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) inย my opinion.

ย 

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.

ย 

In the case where errors areย found in the description of the subject property provided toย an independent Land Surveyorย 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.

โ˜…
โ˜…
โ˜…
โ˜…
โ˜…
Votes: 0
E-mail me when people leave their comments –

You need to be a member of Land Surveyors United - Surveying Education Community to add thoughts!

Join Land Surveyors United - Surveying Education Community

Thoughts

  • I totally agree Karl..

    ย 

    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.

    ย 

    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

    ย 

    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

    ย 

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

This reply was deleted.

Log into community to no longer see ads

Land Surveying Guides

Our Blog Sitemap

 
 

Explore Surveying Locally

USA Surveying Forums
Asia Surveying Forums
Africa Surveying Forums
Middle East Surveying Forums
European Surveying Forums
South American Surveying Forums
Oceania Surveying Forums
Surveying Equipment Support Forums
Search Survey Photos
Add Posts, Surveying Photos, Videos and Articles to the Surveyor Community
Add Stuff to Community

 


 
 
 

 

 

Latest in Surveyor Community

Barbara Whisenhunt is now a member of Land Surveyors United - Surveying Education Community
9 hours ago
Episode 234 - Kory Baxley, LS, Scott Spears & All Things AllTerra Central via GeoRadio- All Land Surveyor Podcasts in One

We love these guys! The boys were joined this week by Kory Baxley, Vice President of Sales and Scott Spears, Regional Sales Manager and all around great guy at AllTerra Central, Inc. At AllTerra, they LISTEN to their customers, they are here toโ€ฆ

13 hours ago
hemantha weligodapitiya updated their profile photo
Sunday
JETRO posted a photo
SURVEY INSPECTION AT GEOTHERMAL POWER PLANTย 
Saturday
Krivorotov Alexsandr is now a member of Land Surveyors United - Surveying Education Community
Friday
christopher lucas posted a blog post
I. Introduction to the Concept of Datum
A datum in surveying is an essential reference point or system that enables surveyors to take precise and uniform measurements. At its core, a datum serves as a foundation for determining exact locations,โ€ฆ
Friday
christopher lucas posted a blog post
I. Introduction to the Inaugural Subway Run
On October 27, 1904, New York City reached a transformative milestone with the launch of its subway system. The inaugural run was led by Mayor George McClellan, who, enthralled by the experience, took theโ€ฆ
Thursday
christopher lucas posted a blog post
I. Introduction to Echo Sounders
Definition and Purpose:
An echo sounder is a powerful tool used primarily in hydrographic surveying, which measures the depth of water by sending sound pulses from a transducer to the seabed and measuring the time itโ€ฆ
Oct 29
Moreโ€ฆ