Commercial Real Estate Blog by Madison
Tag Archives: survey

Measure Twice, Close Once – The Importance of Accurate Survey Readings

By: Joseph Kipper, Senior Underwriting Manager, Madison Title

The old saying, “Measure twice, cut once”, certainly is useful for carpenters. One should double check measurements for accuracy before cutting a piece of wood, rather than rushing to cut and making errors which waste material. Aside from carpenters and tailors, there are other industries where accurate measurements are of supreme importance. Before purchasing real estate, it is important to obtain and examine the exact measurements of the property. Here’s why. Continue reading

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Property Surveys in New York

When you purchase a piece of property, a survey should always be done, for any number of reasons. First, the lender will usually require it as a condition of getting a loan assuming that the purchaser is getting a mortgage. Second, the purchaser should insist on a survey in order to know exactly what is being purchased. This includes the size of the property, where the boundary lines are and any easements or encroachments that could affect the property. Finally, the purchaser’s title company will exclude from coverage any facts that an accurate and up-to-date survey would show. To have coverage for such issues included in a title policy, a survey must be provided to the title company. Continue reading

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Another Legal Scam!

Is title insurance a legal scam? A lot of people think so. Title insurance is one of the most misunderstood aspects of any real estate closing. Most buyers don’t fully understand how title insurance works or why title insurance is required by any lender financing a property. More importantly, most real estate owners don’t view title insurance as something desirable. Click here to learn more about how title insurance differs from all other kinds of insurance and why anyone buying real estate should want “peace-of-mind insurance.” Continue reading

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