A thorough title search is recommended for any property conveyed. Title searches will expose items that affect the subject property that have been recorded in the registry of deeds.

For years, title insurance companies have relied upon land surveyors to provide an “eye on the ground” to supplement their title search. A surveyor may highlight problems concerning zoning, easements, encroachments, flood and rights of way that may not be exposed during a title search.  Though not as precise as a boundary survey, the Mortgage Loan Inspection can be less expensive and quicker way to assess a property.

Boundary surveys are exacting. When a boundary survey is performed, the surveyor will research the subject parcel and many surrounding parcels to determine exact locations of boundaries, easements, encroachments, etc.. The boundary survey results in the creation of a plan and markers being set at all of the boundary corners. Boundary surveys are the best insurance against any future negative issues.  The trouble with boundary surveys is the expense and completion time. A residential lot survey can cost between three and four thousand dollars and take much longer to complete.

A mortgage loan inspection plan (mlip) is an economical way to have a surveyor provide basic information regarding a property. The surveyor is given the current deed to the property and the address. His/Her job is to apply this deed to the “face of the earth” and report general findings. The inspection culminates with the production of a sketch of the property with certifications concerning zoning and flood information. The sketch is helpful in visualizing the way the buildings are sited on the lot. Encroachments of abutters onto the subject property are shown as well as encroachments onto abutters. Zoning issues are highlighted. The mlip is an essential tool that provides inexpensive “piece of mind” to the buyer that the property is free of issues. The cost for this piece of mind is between two and four hundred dollars, depending upon the property location within the state.