Escrow & Title
What is the purpose of a 'survey' conducted prior to a North Dakota real estate closing?
ATo determine the property's market value
BTo verify the property's legal boundaries, dimensions, and identify encroachments or easements✓ Correct
CTo check for environmental contamination
DTo appraise the improvements on the land
Explanation
A survey locates and verifies the legal boundaries of a property, identifies the exact dimensions, and can reveal encroachments, easements, and other boundary issues. It is often required by lenders in North Dakota.
Related North Dakota Escrow & Title Questions
- A North Dakota buyer's closing disclosure must be received by the buyer at least how many business days before closing?
- Chain of title refers to:
- Proration at closing means that certain costs and credits are:
- A North Dakota property with a 'lis pendens' on record warns future buyers that:
- In North Dakota, a buyer who takes title 'subject to' an existing mortgage differs from a buyer who 'assumes' the mortgage in that the buyer taking subject to:
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- A North Dakota special warranty deed differs from a general warranty deed in that the grantor:
- A deed must be delivered and accepted to be effective. This means:
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