Top 5 Reasons to Get a Mortgage Survey Before Buying a Property

Top 5 Reasons to Get a Mortgage Survey Before Buying a Property

Top 5 Reasons to Get a Mortgage Survey Before Buying a Property

When purchasing a property, it’s easy to get caught up in the excitement and overlook some critical steps. One essential task that many buyers skip is obtaining a mortgage survey. A mortgage survey, also known as a land survey or property survey, is an integral part of the home-buying process. It involves a professional surveyor assessing a property’s boundaries, dimensions, and features. This document can be crucial in ensuring that your investment is sound and free from unexpected complications. 

What Does Mortgage Survey Involve

  • Boundary Identification: The surveyor will locate and mark the property lines, ensuring that the boundaries match the legal description provided in the property deed. This helps to avoid any boundary disputes with neighbors in the future.
  • Structural Features: The surveyor will note down the location of any buildings, fences, walls, driveways, or other structures on the property. This information is important for understanding the layout of the land and any potential encroachments.
  • Zoning Compliance: The surveyor may check if the property complies with local zoning regulations, including setbacks from property lines and other land use restrictions.
  • Flood Zone Determination: In areas prone to flooding, the surveyor may determine whether the property lies within a designated flood zone. This information is crucial for obtaining flood insurance and understanding potential risks.
  • Survey Plat or Map: After completing the survey, the surveyor will create a detailed map or plat showing all the relevant information gathered during the survey. This document is typically provided to the mortgage lender and the buyer as part of the closing process.

Top 5 Reasons Why a Mortgage Survey is Essential Before Purchasing Property

Why a Mortgage Survey is Essential Before Purchasing Property

1. Verify Property Boundaries

A mortgage survey provides an accurate representation of the property boundaries. This is particularly important if you’re buying a property with plans for future expansions or if disputes with neighbors over boundary lines are a potential concern. The survey will detail the exact dimensions and size of the lot, ensuring that you know precisely what you’re purchasing.

  • Avoid Boundary Disputes: Clear boundaries help prevent conflicts with neighbours.
  • Accurate Land Area: Ensures you get the land you’re paying for.

2. Identify Easements and Encroachments

Easements and encroachments can affect your use and enjoyment of the property. Easements are legal rights for others to use parts of your property, such as utility companies. Encroachments are structures or features that intrude on your property from a neighbouring lot. A mortgage survey will identify these issues, so you can address them before finalizing your purchase.

  • Awareness of Restrictions: Understand any limitations on property use.
  • Prevent Future Disputes: Address encroachments that could lead to legal conflicts.

3. Ensure Compliance with Zoning Laws

Zoning laws dictate how land can be used within certain areas, affecting things like building height, property use, and structure placement. A mortgage survey can reveal whether the property complies with current zoning laws and regulations. This can prevent costly fines or modifications if the property is not in compliance.

  • Regulatory Compliance: Ensures the property adheres to local laws.
  • Future Development: Confirms potential for intended renovations or expansions.

4. Discover Hidden Issues

A detailed mortgage survey can uncover hidden issues that might not be apparent during a general property inspection. This can include underground utilities, unrecorded easements, or discrepancies in previous property descriptions. Knowing about these issues in advance allows you to negotiate repairs or adjustments with the seller or reconsider the purchase altogether.

  • Informed Decision-Making: Provides a comprehensive understanding of the property.
  • Negotiate Better Deals: Use discovered issues to negotiate a better purchase price or terms.

5. Satisfy Lender Requirements

Many mortgage lenders require a survey before approving a loan. This is to ensure that the property is a sound investment and that there are no legal complications that could affect its value. Providing a mortgage survey can streamline the loan approval process and give your lender the confidence they need to fund your purchase.

  • Smooth Loan Approval: Meets lender requirements, speeding up the process.
  • Financial Assurance: Provides lenders with security, making it easier to secure financing.

How CAD Tool Helps In Mortgage Surveys

Computer-aided design (CAD) has become an invaluable tool in the field of mortgage surveying, significantly enhancing the precision, efficiency, and overall quality of the surveying process. Here’s the role of CAD mortgage surveys:

  • Accurate Property Mapping: CAD enables surveyors to create highly accurate and detailed maps of properties. This precision ensures that all property boundaries are clearly defined, which is crucial for both lenders and borrowers to understand the exact parameters of the property being mortgaged.
  • Detailed Documentation: CAD software allows for comprehensive documentation of the survey data. This includes not only the physical dimensions of the property but also the location of structures, topographical features, and any existing improvements. Detailed documentation helps prevent disputes over property boundaries and ensures that all parties have a clear understanding of the property’s attributes.
  • Compliance with Standards: CAD software helps surveyors adhere to industry standards and regulations by providing templates and guidelines for creating surveys. This compliance ensures that mortgage surveys meet legal requirements and are accepted by lenders and other stakeholders.
  • Improved Visualization: With CAD, surveyors can create 3D models of properties. These models provide a more intuitive understanding of the property’s layout and features, making it easier for non-specialists, such as lenders and homeowners, to visualize the property.
  • Enhanced Collaboration: CAD software supports better collaboration among surveyors, architects, engineers, and other stakeholders. By sharing digital files, professionals can work together more effectively, ensuring that all aspects of the mortgage survey are thoroughly considered and integrated.
  • Integration with GIS and Other Technologies: CAD systems can be integrated with Geographic Information Systems (GIS) and other technologies, providing a more comprehensive view of the property and its surroundings. This integration is useful for analyzing environmental factors, infrastructure, and other elements that may impact the property and its valuation.

How ProtoTech’s CAD Outsourcing Solutions Help in Mortgage Surveys

ProtoTech’s CAD outsourcing services streamline mortgage surveys by providing precise and efficient CAD services. Our expert team ensures precision and compliance with industry standards, enabling mortgage professionals to accurately assess property boundaries, easements, and topography. 

Our expert team promotes better collaboration among surveyors, architects, engineers, and other stakeholders, ensuring seamless communication and coordinated efforts for comprehensive survey results.

By outsourcing to ProtoTech Solutions, civil engineering companies save time and reduce costs, eliminating the need for in-house CAD resources. Our reliable solutions enhance project turnaround times, aiding in faster property assessments and smoother mortgage processing.

Software Expertise: AutoCAD, Civil 3D, MicroStation, Carlson Survey, Revit, Navisworks, 3ds Max, BIM 360, etc.

We have over 20 years of experience in the AEC industry and we have delivered 1+ million hours and completed more than 200 small, large, and complex projects for over 2500 happy customers across the globe. Partner with ProtoTech Solutions for high-quality, cost-effective Mortgage survey drafting tailored to your needs. Contact our survey drafters today to learn how your ongoing civil project could benefit from mortgage survey drafting and to discuss your project requirements.