Escrow & Title
In Illinois, a survey of property is important in a real estate transaction primarily because it:
ASets the property tax assessed value
BIdentifies the exact boundaries, easements, encroachments, and other physical characteristics of the property✓ Correct
CGuarantees that the property is free of all liens
DEstablishes the zoning classification of the property
Explanation
A land survey (performed by a licensed Illinois land surveyor) locates the exact boundaries of the property, identifies easements of record that affect the property, reveals encroachments (structures crossing property lines), and shows any other physical features affecting ownership. Illinois lenders typically require a survey or survey affidavit for residential transactions. Boundary disputes, fence encroachments, and undisclosed easements are common issues revealed by surveys.
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