A judge in New York recently ruled in favor of a title company and against an owner related to the fact that the owner should have known what easements etc. were (or would be) disclosed on a survey. Every time I hear an owner, buyer, or lender say “as long as the survey exception is deleted from title I should be ok” — I cringe (and quickly explain why that is not the case). Simply having a general survey exception deleted from a title insurance policy is not enough — because simply having a general survey exception deleted from a title insurance policy does not offer an owner, buyer, or lender adequate protection. It is critical to see and understand what is disclosed on an ALTA survey and obtain necessary affirmative title insurance beyond the survey exception being deleted. The costs and consequences of the negative outcome(s) an owner, buyer, or lender may suffer from not doing the proper due diligence can far exceed the benefits of “moving quickly and avoiding costs.”
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