A mortgage loan inspection sketch, sometimes called a form board survey, is typically used by the lender and title attorney to evaluate risks to the mortgage collateral and perhaps waive the survey exceptions of a title insurance policy. A pre-purchase inspection sketch is used by prospective buyers to evaluate potential purchases during a due diligence period. Herrick & Salsbury, Inc. can provide these services.
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More To Know About Mortgage Loan Inspection & Pre-Purchase Inspection
What is known as a mortgage loan inspection sketch or a pre-purchase inspection sketch is a service not regulated by the Maine Board of Licensure for Land Surveyors. Chapter 90 no longer establishes minimum standards for what is referred to as a mortgage loan inspection or a pre-purchase inspection sketch.
Inspection sketches will consist of a plot of the current deed of the subject parcel, conduct a site visit to the property and provide enough measurements to sketch the location of the visible structures, overhead utility lines, driveway, well, leach field and any apparent encroachments in relation to the deeded boundary lines. In the case of the lack of a geometric description in the deed, if applicable, the boundary lines will be plotted in accordance with the town tax map. It will be noted whether any structures are within the flood hazard area and will show the flood hazard boundary if the property is bisected by a flood hazard area.
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