Is a Survey Necessary When You Purchase a Home and Obtain Bank Financing?

Video Summary
Is a survey necessary when you purchase a home and obtain bank financing? Yes, it is necessary. Your lender may say,” Oh, we don’t require a survey”. However, they do require title insurance. The title insurance would ensure that the bank has a first mortgage on the property. And part of their requirements is that the survey exception be deleted from the title insurance, which says that there are no encroachments or problems with the boundaries of the property or where the improvements are located. So the title insurance agent will require that a current survey be provided so that those exceptions can be deleted from the title insurance. So, although a lender may say we don’t require a survey, their requirements do require a survey to be obtained. So yes, you will need to obtain a survey. Whenever you obtain bank financing, when you’re purchasing a home, if you have any questions, well give me a call at (727) 847-2288.