What Does ‘If Required’ Mean?

By June 28, 2009 Uncategorized

The GCAAR Regional Sales Contract makes only one reference to the survey and is found in paragraph 19 as follows: “The title report and survey, if required, will be ordered promptly. …”

Note the key phrase “IF REQUIRED.” What does that mean?

IF REQUIRED means if required by the purchaser’s lender. Nearly all mortgage lender underwriting will require the title insurer to issue a lender’s title insurance commitment without exception to survey matters. In other words, a lender will not accept a title insurance policy without coverage for survey matters.

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