Survey Coverage on the purchase of your house to make a home... is it worth it does it make a difference ? Take a moment to read the information below from Tiago Title ... Sean Clemmensen
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Survey Coverage & The TREC One-to-Four Contract
Paragraph 6.A.(8) reads: "The standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines, encroachments or protrusions, or overlapping improvements: ❑(i) will not be amended or deleted from the title policy; ❑(ii) will be amended to read, "shortages in area" at the expense of❑Buyer ❑Seller."
This provision allows for negotiation about whether or not the "boundary" or "survey" coverage will be provided, and if so, who will pay for it. It provides for coverage and payment of loss arising out of discrepancies, conflicts in boundary lines, encroachments, protrusions or overlapping of improvements not shown on your survey and not known at the time of closing. Put simply, it protects against the inaccuracy of a surveyor's work. To get coverage, you must obtain a new survey or provide an existing survey with a T-47 Affidavit.
Cost: 5% of the Basic Rate in a Residential Owner Policy of Title Insurance – One-to-Four Family Residences, with a minimum premium of $20.00. Example:
Sales Price - $250,000
Basic Title Rate - $1,706
Cost of Survey Coverage - $85.30 ($1,706 x .05)
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