Section 305

Survey

305.01

Decision to Obtain a Survey

Requirements

You must decide whether to get an as-built survey and comply with:

305.02

Survey

Requirements

If you require an as-built survey, it must:

  • meet the requirements of an ALTAALTAAmerican Land Title Association /NSPSNSPSNational Society of Professional Surveyors Land Title Survey (made per the 2021 Minimum Standard Detail Requirements), including the required certification; and
  • allow the title company to delete the standard survey exception from the title policy.

Guidance

An acceptable as-built survey:

  • should include these items from Table A to all the ALTAALTAAmerican Land Title Association /NSPSNSPSNational Society of Professional Surveyors Minimum Standard Detail Requirements: 1, 2, 3, 4, 6(a) and (b), 7(a), 8, 9, 10, 13, 16, and 18;
  • may omit the following from Table A:
    • item 1 for a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). with a lot and block legal description; and/or
    • item 10, if there are no party walls; and
  • should be dated within 360 days before recording the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the Loan Document obligations. .

Requirements

If an existing survey dated more than 360 days before the effective date of the title insurance policy is used, it must satisfy all Title Insurance Company requirements for the deletion of the standard survey exception.

Guidance

The Title Insurance Company may require a “no new improvements” affidavit from the BorrowerBorrowerPerson who is the obligor per the Note. certifying that no changes have been made to the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). since the date of the survey.  An existing survey dated within 360 days before the effective date of the title insurance policy, but not prepared in connection with the origination of the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. , may be recertified to you, the Title Insurance Company, and Fannie Mae for the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. .

You should consider whether an adverse circumstance found by a survey would be acceptable.  Examples include:

  • encroachments over boundary lines, setback lines, or easements; and
  • the absence of necessary appurtenant easements, such as a storm or sanitary sewer easement.
305.03

Decision Not to Obtain a Survey

Requirements

If you do not require an as-built survey:

  • either you or the AppraiserAppraiserPerson engaged to estimate a Property’s market value per USPAP. must conduct a visual inspection of the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ;
  • any visible site condition (such as an easement, right-of-way, or encroachment) must be disclosed and insured under the title policy; and
  • the title company must delete the standard survey exception from the title policy.
305.04

Location of Improvements

Requirements

Whether or not you decide to get an as-built survey, Part II, Chapter 5: Property and Liability Insurance, Section 501.03: Catastrophic Risk Insurance requires you to determine if any ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). are located in an SFHA ZoneSFHA ZoneSpecial Flood Hazard Area designated by FEMA. A or Zone V.