Title Insurance requiring survey

[Julie Doke]

Our company is a LLC the lender wants a commercial endorsement (Is there a way around this??) so the title company is requiring a survey (is this required by law? )

We have waited two months for a closing (tomorrow) and now this could cost 300-500 hundred ans delay closing by two/three weeks. This flip has a swimming pool and needs to be on the market....what insanity...can anyone offer any suggestions or has anyone been in this situation?? We are in Alabama and this is our first flip we signed the contract in Feb!!

[Jay Hinrichs]

@Julie Doke  lender was asking for an Alta policy... title company that has to insure boundrys with an alta policy... lot and block they take the risk on but if a title examiner had questions they could ask for the property to be surveyed in order to issue the alta policy

IN my lending days I ALWAYS required an Alta policy but it was rare that the title insurer requested a survey unless it was a multi million dollar transaction or loan that they were insuring.

We did one for instance on a 5 million dollar apartment transaction.. And in Charelston its required all the time because of VERY old land divisions and enchroachments all over the place.. its just SOP's there.

Title insurer as stated usually dictates this. or the buyer can as well.