In the fast-paced world of Indiana real estate, Surveyor Location Reports (SLRs) are a critical yet often overlooked part of the closing process. While buyers typically focus on inspections and appraisals, an SLR provides something just as essential – confidence that you’re buying the right property, free of surprises like encroachments or setback issues.
At McSteen, we’ve helped thousands of title companies, lenders, and homebuyers navigate closings with clarity and speed and SLRs are one of the tools that make that possible.
What Is a Surveyor Location Report?
Prepared by a team of survey professionals overseen by a licensed land surveyor, a Surveyor Location Report 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 such as visible utilities and right of way lines. It is not a Boundary Survey, so boundary lines are not calculated or certified. But it is enough to identify red flags like encroachments, setback violations, or improvements outside the lot lines.
For both buyers and lenders, a property purchase represents a significant investment. SLRs offer added assurance that the property boundaries as described in the deed are accurately defined, confirm the correct property is transferring and reduce the risk of future legal challenges or disputes that could jeopardize the investment.
Is a Surveyor Location Report Required to Buy a Home in Indiana?
While an SLR is not always required, it’s highly recommended to get an SLR when buying a home in Indiana. In Indiana, an SLR is primarily used by title insurance companies for small tracts, and it’s sometimes required by lending institutions to verify that a property has no obvious issues like encroachments or easement violations.
What are the Benefits of a Surveyor Location Report in Indiana?
Indiana’s real estate market thrives on fast, efficient closings. An SLR helps to ensure accuracy and mitigate risk.
- Quick Turnaround, Faster Closings – SLRs are typically turned around in a few business days, giving lenders and title companies exactly what they need in a timely manner. Turnaround time is crucial in a competitive market.
- Peace of Mind for Lenders and Title Companies – Lenders often require SLRs to ensure that the property meets specifications to secure a lenders title policy. By confirming survey data, title companies help lenders determine the risk associated with the mortgage loan and issue the appropriate level of title insurance accordingly through their underwriters.
- Protection of Investment – SLRs offer added assurance that the property boundaries as described in the deed are accurately defined, confirm the correct property is transferring and reduce the risk of future legal challenges or disputes that could jeopardize the investment.
Who Orders a Surveyor Location Report?
Typically, the title company or lender will order an SLR as part of their closing checklist. But real estate agents, buyers, and sellers can request one too. In fact, proactively requesting an SLR through your title company can help prevent surprises and smooth out negotiations.
Serving all of Ohio for more than 50 years, we are now proud to be the trusted partner for Surveyor Location Reports in 24 counties throughout Central Indiana and beyond.