Survey

Survey is a formal measurement and mapping of a property's boundaries, dimensions, and physical features performed by a licensed land surveyor. The resulting survey plat or map shows the property's exact location, boundary lines, structures, fences, driveways, easements, and any encroachments — instances where a structure or improvement crosses a property line. Surveys confirm whether the property's physical reality matches its legal description on file with the county.

For mortgage note investors, surveys are rarely ordered during the initial acquisition of a note — they are a property-level tool rather than a loan-level tool. However, surveys become relevant in specific situations: when a note investor takes a property through foreclosure or deed-in-lieu and prepares to sell it as REO, a buyer or title company may require a current survey before closing. Surveys also matter when due diligence reveals boundary disputes, encroachments, or discrepancies between the legal description and the property's actual footprint. An existing survey in the collateral file can provide useful context about the property, though lenders and title companies typically require surveys to be recent — usually within the past few years — to be relied upon.