IF IT IS A CASH TRANSACTION, IS IT TRUE THAT A CURRENT SURVEY IS NOT REQUIRED?

There is no question that if the purchase of real property is to be financed by an institutional lender, the institutional lender will insist on a specialized endorsement referred to as a Florida Form 9. In order to issue a Form 9 endorsement, the title agent must obtain and review the current survey. If the institutional lender is not involved in the transaction, then a current survey is not required.

Although it may be true that a survey is not required, it may be a huge mistake not to order the survey. There is a standard exception in all title insurance policies that excludes from coverage encroachments, overlaps, boundary line disputes, and other matters which would be disclosed by a current survey. The title agent may not remove this exception unless a current survey is provided to the title agent for its review. If this standard exception can be removed, the owner will receive additional insurance. Instead of the standard exception, the title insurance policy will exclude from coverage only those matters actually shown on the survey.

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