|
|
|
This week's Title Tip of the Week discusses the use of
surveys on commercial and residential property, when they may be required,
who may request them, and who is responsible to pay for
them. Questions often arise in real estate
transactions, especially those involving commercial property transaction,
regarding the need for a survey. In most local residential
transactions, surveys are not required by the title company. The
requirement for a survey varies within the State of Illinois. Site
surveys are required in residential closings in the Chicago area, so
newcomers to this area may not be aware of local custom. There are exceptions
to this general rule, however. Sometimes an overlap or encroachment
over easements or building lines is clearly evident or information is made
known to the parties or title company by earlier recordings or title
repots. There may be disputes regarding placements of ingress and
egress easements. In still other cases, an old legal description may be
vague or lengthy and in need of revision. In these instances, a survey
would be advisable in a residential transaction. A division of a property into parcels less
than 5 acres may necessitate a subdivision plat. A subdivision plat is
a specialized type of survey and needs to be approved by several
parties. If a division of a parcel of land is contemplated, it would be
advisable for the parties to confer with the Mapping and Platting Department
of the County in which the land is located to discuss the requirements to
achieve their goal. If the land is within a municipality, the Building
or Zoning Inspector may also have to provide a letter to approve the split. Surveys are almost always required in a
commercial transaction. This requirement is frequently raised by
commercial lenders who request survey endorsements and "extended
coverage" on their loan policies. The surveys required are called
ALTA (American Land Title Association) surveys. These survey
should be current and show all improvements, easements, encroachments, rights
of way and other exceptions to the title commitment. Zoning
classifications and parking space configurations may also be requested to be
shown on the survey. These surveys should be certified to the
title insurance company and the underwriter. Customers sometimes
request title companies to rely on surveys more than a year old. This
can be done if the original surveyor executes an affidavit certifying that he
has inspected the property and there has been no changes since the date of
the original survey. Locally, the parties to the transaction must
hire the surveyor and determine the allocation of the cost of the survey
between the parties. This should be done as early as possible so as not
to delay the closing date. Your title insurance company representative
can give a few recommendations on names of surveyors in the area for those
parties unfamiliar with the region. Parties should provide their title
companies with the name of the surveyor so the title company can provide
the title report and exception documents to the land surveyor. The
surveyor might also want to speak to the title company to determine exactly
what type of survey is required for the transaction: site survey, boundary
survey, subdivision plat or ALTA survey.
|
Upcoming Title Tips Red Flags of Forgery Did you say free? Be the first in your
office to try out SureClose.com,
Benchmark Title's new FREE online transaction management system. Why waste
time making status phone calls or standing by the fax waiting for your title
commitment when you can get what you need instantly from your own computer.
Visit SureClose.com for more
information or call April
Tolan, our SureClose Specialist, at 618-239-3750 for your sign-on so you
can start saving yourself time and money today. We'll even give you and your
clients a free CD at closing containing copies of their closing documents. Give me my policy! Did you know that
lenders and home buyers now receive their title policies at the closing
table? Call Michelle
Null, VP Escrow Operations, to learn more about this exciting new
program. Ready to refi? Lenders and
homeowners will want to hear about our fantastically low new refinance rates.
Call today for a quote! Why wait? You can place your
next title order now by clicking here. Joni Evans has
been with Benchmark since the day we opened our doors in
February 1998. She started in the title insurance industry in 1985
as a title searcher, researching the state of title to residential and
commercial properties in the public records. She began examining
and preparing title commitments in 1987. Joni has handled the
examination of residential and commercial title for 20 years and is one of
the most experienced title examiners in the Metro East. Joni was
promoted to Senior Title Officer, when we formed our Commercial Division
in 2005. She lives in Millstadt with her husband, Tim
and has 4 children and 3 grandchildren, the youngest, Ethan, was born
May 7th of this year. Joni can be reached at 618-239-3750 or by
email at jevans@benchmarktitle.net. |
||
|
We send special notices and tips to customers who have given
us their |
|||
