Beth, we just want to thank you for never giving up on us. We have tried to work with a few Realtors before you, but they never took us seriously. We gave you a lot of trouble, and enough reason to decide not to work with us anymore. But you never stopped and always kept us in mind until we finally found the right house for us.
Why does the mortgagee sometimes require a Survey of the property?
Most mortgage lenders require a current and valid Real Property Report (survey) and proof of zoning by-law compliance from the local municipality, i.e. city, town, Municipal district, etc. The mortgagee (lender) does this to insure initially that the buildings are entirely within the property boundaries and there is no risk that the security for the mortgage will be damaged by the forced removal of the improvements. Most Lenders will now accept a Real Property Report and evidence of municipal compliance or a policy of Title Insurance.