Title Surveys
Understanding Title Surveys and Their Role in Title Commitments
A Title Survey is an essential tool in the real estate transaction process, specifically designed to address title matters outlined in a title commitment from a title insurer. It provides a comprehensive overview of a property’s boundaries and legal characteristics, effectively tying together various pieces of information critical for a clear understanding of the property.
Key Elements of a Title Commitment
A title commitment is a document issued by a title insurer that outlines the terms under which they will issue a title insurance policy. It typically contains:
1. Legal Description: A precise description of the property’s boundaries, which serves as a reference point for the survey.
​
2. Schedule A: This section identifies the parties involved, the property in question, and any existing mortgages or liens.
​
3. Schedule B: This part lists any exceptions or conditions affecting the title, such as easements, restrictions, or encroachments.
​
4. Requirements: The conditions that must be met before the title insurance policy is issued, which often includes the need for a Title Survey.
Role of the Title Survey
A Title Survey integrates and visualizes the information contained in the title commitment, making it easier for stakeholders to understand the implications of title matters in relation to the land itself:
Verification of Boundaries:
The survey confirms the accuracy of the property boundaries as described in the legal description, ensuring they align with the physical layout on the ground.
Mapping Easements and Encroachments:
It illustrates the location of any easements, rights-of-way, or encroachments identified in Schedule B of the title commitment. This visual representation helps clarify how these elements impact the property.
Utility Locations:
The survey identifies existing utility lines and easements, which is crucial for future planning and development.
Title Exceptions:
Any exceptions listed in the title commitment are graphically represented on the survey. This allows for a clear understanding of how these exceptions affect property use and ownership.
Legal Documentation:
The Title Survey provides essential documentation for the title insurer, facilitating the issuance of the title insurance policy once all conditions are met.
Importance of the Title Survey
Due Diligence:
It allows buyers and lenders to conduct thorough due diligence by providing a clear visual representation of title matters and property boundaries.
​
Conflict Prevention:
By identifying potential issues before a transaction is finalized, a Title Survey can help prevent disputes over property rights and boundaries.
​
Streamlined Review:
The integration of title commitment details with the physical layout of the land makes it easier for attorneys, buyers, and lenders to digest the information and make informed decisions.
Title Survey plays a critical role in tying together the various elements outlined in a title commitment. By providing a visual representation of the legal and physical characteristics of a property, it enhances understanding and facilitates a smoother transaction process, ultimately protecting the interests of all parties involved.