Survey

The examination of land by a registered surveyor, so as to determine the property's exact geographic location and size. A new survey is required with each (purchase or refinance) loan application—although a less expensive location note endorsement from the title company is acceptable during refinances. There are three basic methods for conducting a survey: the metes and bounds method, the rectangular survey system and the plat of survey method. A spot survey will indicate the building lines, while the more detailed topographical survey provide a more three-dimensional description of the property. For more information, see the "Surveys and legal Description" article in the "Real Estate In-Depth" section.

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