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Is a title survey really necessary?

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September 04 2013 - Nags Head
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In central Ohio Buyers are usually required to do a location survey if they are financing the home. Basically the surveyor looks to make sure there are no infringements upon the neighboring land and shows the easements. When building a new home a survey is required by a lender to show where the house will be and they want to make sure the house is being built on the land according to the permits for setbacks and easements. Sometimes a pin survey is required if the legal description is very old and has not been updated. This usually occurs on properties that have not changed hands in a decades. The survey does protect the buyer by showing where the property lines are, where the house sits on the property and where the easements are located.
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September 21 2013
YES!! 100% YES!
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September 07 2013
Absolutely Necessary! It makes sure the title is "clean", no liens of any kind/easements are mentioned, etc. Worth the cost to get one and protect one of your greatest assets!! An insurance protects the lenders investment.
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September 04 2013
If you plan to obtain a loan to purchase or refinance then the lender will require title insurance to protect themselves from any potential liabilities.
It is a necessary cost. 
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September 04 2013
Yes, it protects you in case something is wrong. Hopefully nothing is, but you want to know for sure. Get a survey.
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September 04 2013
A SURVEY is typically only required if there are discrepancies in the title policy or something funky-ask why it is being required, it is atypical for an actual survey to be a condition.
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September 04 2013
Profile picture for Pasadenan
A title search and title insurance is really necessary, unless you want to find out a year or two after you bought that you really don't own the property, because an owner a few decades ago never really relinquished their ownership rights.

Besides, any mortgage lender is not going to take a chance on lending you money if there is some other owner, and they can't foreclose to collect the debt due to non-payment.

Other issues?  Easements on the property recorded on the title of adjacent properties.  Mechanic Liens for work done on the property.  Other debt attached to the property title from unrelated transactions.  Potential squatter's rights claims.  Implied easements due to regular consistent access across property.  Implied easements due to adjacent property being "land locked".  Zoning, EPA, and other restrictions that prevent the land from being used for the current and proposed use. Contested wills...

Even if you could skip it, you would be foolish to do so, unless the property is already in your family and you are just doing a transfer, such as to a trust.
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September 04 2013
Yes, on a purchase it is needed. Sorry for the short answer but it is a simple yes answer.
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September 04 2013
 
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