Necessity of New Survey When Purchasing Commercial Realty
UPDATED: August 23, 2013
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In general, it is always preferable to have a new survey, so you know exactly what you are buying. But if there has been a survey within the past few years, and you are convinced after looking at the property that nothing has changed, your lawyer may tell you that you can safely avoid getting a new survey. However, be aware that if you are borrowing money from a commercial lender, the lender will probably order a mini-survey, sometimes called a mortgage report. While this is not as good as a full survey ordered for your benefit, your lawyer may conclude that it is adequate for your needs. This is particularly true if, based on the lender’s survey, the title insurance company is willing to guarantee that there are no boundary line problems.