Ordered by a lender or title insurer, a Mortgage Location Survey is a survey including field measurement and preparation of a plat for both residential and commercial mortgage loan and title insurance purposes. This type of survey is intended to provide proof that certain improvements are actually located on the property as described in the legal description.
A commercial mortgage location survey is a low-cost, quick-turnaround alternative to an ALTA Survey, although it also sacrifices some accuracy. The commercial mortgage location survey follows the same state standards as a residential mortgage location survey, so the lender must be willing to accept these standards in place of the ALTA standards. The location survey is quoted individually based on the particular commercial property and can include Schedule B II items.
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.
Benefits of an MLS from McSteen:
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State of Ohio Administrative Code 4733-38.