How to Transfer a Property Survey

Learn how and when to transfer a survey.

A property survey is a formal evaluation of the real estate property that the current owner is selling or the buyer is buying. While an appraisal determines the value of the real estate property, the survey is a review of the title of the property. The survey reveals to the title company that is reviewing the survey whether there are any liens or mortgages on the property and which party or parties have ownership rights to the property. When a survey is completed within six months or a year within the transfer of the ownership of the property, it may be possible to transfer the property survey instead of the buyer having to pay for a new survey.

Things You'll Need

• Copy of the property survey

Instructions

1. Contact the seller of the real estate property. Ask if he or she has a current survey on the home, which is one that was completed within the last six to 12 months. See if the seller is willing to provide you, your title company and/or your lender a copy of the survey.

2. Call your title company. Contact the representative that is working on your file at the title company. Let him or her know that the seller has a survey of the property and the date on which the survey was completed. Find out if the title company will accept this as a survey in lieu of you having to pay for a new survey.

3. Verify the transfer with your mortgage company. Typically, the mortgage company is the one that hires the title company. Therefore, it is ultimately the decision of the loan officer or the underwriting guidelines of the lender as to whether or not it allows the transfer of the survey from the seller to the buyer. Some mortgage lenders will allow the transfer if the survey was done in the last year.

4. Deliver the survey to the title company. If the mortgage company and title company agree to the transfer, then a copy of the survey should be delivered to both.

Tips & Warnings

• If you are the owner of the property and it is a refinance, the same guidelines typically apply. If you had a survey done recently, then you may use the same survey upon approval by the title company and mortgage company.

• If you are using the same title company or mortgage company that currently holds the mortgage or that processed the title work on the previous transaction, it increases the chances for the survey transfer approval. Again, this only applies if the survey was done in the time frame set by the mortgage company.

References

• Free Rental Property Information: Property Survey