Escrow & Title
In New Mexico, a 'real property report' or 'survey' at closing serves to:
ADetermine the market value of the property
BIdentify the exact boundaries, improvements, easements, and encroachments on the parcel, helping confirm the property matches the legal description✓ Correct
CProvide evidence of title insurance coverage
DDetermine the zoning classification
Explanation
A land survey identifies the legal boundaries of the parcel, locates all improvements relative to boundaries, identifies encroachments, and confirms easements. Surveys are often required by lenders for extended ALTA title insurance coverage.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EasementA non-possessory right to use another person's land for a specific purpose.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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