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Will my lender require a new survey of the property?

Actually, most lenders don't require a new survey for residential loans due to the fact that Title Insurance will insure the lender against loss due to survey matters. Title insurance (also discussed on our site) will not insure a purchaser against loss due to survey matters unless enhanced coverage is purchased. Title insurance, however, will not insure the marketability of your property as a result of survey matters.

Are there any circumstances under which I may not necessarily need a new survey of the property?

We recommend a new survey of the property in almost all cases. However, it may not be necessary if we're provided with a copy of a recent survey (dated within 10 years of closing); if the Seller is willing to sign a Survey Affidavit stating that there have been no changes to the property since the date of the recent survey; and if the recent survey is acceptable to you.

Is Owner's Title Insurance important and worthwhile?

Owner's Title Insurance provides you, the purchaser, with added protection against loss as a result of defects in title, regardless of whether or not those defects can be found through a search of the public records.

What kind of defects might not be discoverable through a title search?

These defects may include (but are not limited to) a forged signature in the chain of title, unrecorded easements, improperly indexed conveyances or liens, and unknown heirs of estates in the chain of title.

It sounds beneficial, but is it expensive?

No, the title insurance premium is a one-time charge and the owner's policy has no expiration date. Also, the additional cost for owner's title insurance is minimal, especially in cases where the purchaser is borrowing a major portion of the purchase price and the lender requires title insurance to cover the loan amount. See our Real Estate Law page for more details.

Feel free to call E. Scott Sanders at 864-242-0900. We covet the opportunity to meet new clients, and look forward to assisting you with your real estate law needs.

E. Scott Sanders Law offices

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1151 East Washington Street
Greenville, SC 29601

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Firm Overview

Conveniently located at 1151 East Washington Street in the City of Greenville, our firm represents businesses and individuals in commercial and residential real estate transactions, other business transactions, and collection matters.

As a small firm, we focus on developing a close working relationship with our clients. Without the overhead and administrative requirements of a large firm, we are able to devote more of our time and resources to better serving our clients.

Most of our new business is referred to us from existing clients, so we value our reputation. We work hard to provide prompt and professional services and to ensure that our fees are reasonable.

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