Escrow & Title
In New York, a 'survey exception' can be removed from a title policy by providing the title company with:
AA new appraisal
BA current survey prepared by a licensed land surveyor✓ Correct
CA letter from the municipality confirming boundaries
DA title search from a different company
Explanation
Title insurers will generally remove the standard survey exception (which excludes coverage for matters a survey would reveal) if the buyer provides a current, accurate survey prepared by a licensed land surveyor.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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