| Survey:
This shows an actual diagram of the Lot being purchased,
its dimensions, and the physical location of the building
line setbacks and easements, as well as a statement
indicating whether or not the property is within a flood
hazard area.
Wood
Destroying Organism Report:
On a new home, a builder normally furnishes a "Soil
Treatment Guaranty" which indicates that the property
beneath the slab was treated for termites at the time
the home was being built. This also includes a statement
that any damage from termites occurring within one year
from the closing will be repaired by the builder.
On an existing home, the purchaser will normally receive
a wood destroying organism report indicating there was
no visible evidence of infestation or damage from wood
destroying insects observed by the pest control operator
who inspected the property. This is not a warranty against
future damage, nor is it a guarantee that there are
no wood destroying organisms upon the property. It is
merely a statement that, based upon the inspection of
readily accessible areas, no damage or infestation was
observed at the time of the inspection.
Title
Insurance:
Required by virtually all lenders, this insures the
loan against defects or claims of defect in title to
the property such as claims involving missing heirs,
unpaid taxes, forged documents, and incapacity of persons
who may have previously executed a deed of conveyance.
The lender's policy repays the existing loan balance
in the event of complete loss of title by reason of
a covered defect. An Owner's Title Policy protects the
buyer's investment at a nominal additional charge.
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