What: A Mortgage Location, also known as a Surveyor Location Report (SLR), is a detailed map or drawing of a property that shows its boundaries per a provided legal description, location of buildings and improvements, and other relevant features.
Who: Usually requested – and sometimes required – by lenders and title insurance companies during real estate transactions to confirm that what is described in the property’s deed is transferring in real life.
Why: A Mortgage Location | SLR gives title companies the ability to consider removing the survey exception from the title policy allowing for better coverage for insured parties. It is the surveyor’s job to provide substantial proof that improvements are located on the land that is transferring so that title can make informed policy coverage decisions.
The Purpose of a Mortgage Location | SLR
- Verification of the Legal Description
- Identification of Improvements
- Risk Mitigation
- Compliance with Lender Requirements
- Protection of Investment
Without a valid Mortgage Location | SLR, the title insurance may not cover concerns that would have been revealed by a survey. A new Mortgage Location | SLR is generally required to remove survey exceptions from the title policy with the insurer, allowing for further coverage on behalf of the lender and property owner.