All buyers-including cash buyers-should obtain a survey of the property prior to closing. In addition to showing the precise location and boundaries of the property, a survey will disclose whether there are any neighboring fences, walls, concrete slabs, parking spaces, or other encroachments on the property. If the buyer does not obtain a survey of the property, the buyer’s title insurance policy will not cover claims for any encroachment, encumbrance or adverse circumstance that would have been disclosed by the survey. Exception: Buyers may not need to obtain a survey if the property is a condominium unit (office or residential) that has already been constructed.
Contact attorney Michael Sjuggerud for more information about title insurance.