COMMERCIAL MORTGAGE LOCATION SURVEY
Commercial MLS Example
What is a Commercial Mortgage Location Survey?
A commercial mortgage location is a low cost, albeit lower accuracy, alternative to an ALTA survey. It follows the same state standards as a mortgage location survey (MLS) so the lender must be willing to accept the these standards in place of the ALTA standards. The location survey is conducted on commercial buildings and can include additional items listed on the drawing such as Schedule B items.
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Request a quote or send orders@mcsteen.com an email with our Mortgage Location Order Form.pdf
Or you can always give us a call at 1-800-250-3451
Mortgage Locations:
According to the State Of Ohio:
“A mortgage location survey is requested and prepared solely for the use of the lender and/or title insurer upon ownership transfer or refinancing of a property. The purpose of the survey is to provide substantial proof that any buildings or improvements are located on the land covered by the legal description. In this type of survey, boundary lines are not determined, and therefore the survey is not intended for the use of the buyer in making purchase decisions.” Code Section 4733-38.
In General Terms:
A Mortgage Location Survey is ordered by a lender or title insurer (not by the owner) to help them make decision during the lending process. This type of survey is not intended for the owner who is looking to put up a fence or make improvements to the property. For those instance we direct you to the Boundary Survey.