Is it a law in Texas that a new survey is required on any ca

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Icon Mini Profile cbarr





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Post Posted: Thu Jan 24, 2008 10:41 am    Post subject: Is it a law in Texas that a new survey is required on any ca
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I was told by the mortgage company that I am working with that it might be "law" in Texas that a new survey is required due to the fact it is a "cash out" refinance. My survey is only 5 years old, and there have been no changes to the lot, etc. since that survey was done. I don't feel that I should have to pay for a new survey just because the mortgage company wants more fees.
Icon Mini Profile larry





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Post Posted: Thu Jan 24, 2008 2:10 pm    Post subject:
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Hi cbarr,

Welcome to the forum.

I don't know exactly the laws of Texas but the mortgage company asked you for a new survey to verify if there have been any changes in the property since the last survey. You have said " My survey is only 5 years old". So there may have some changes in your property and they need to verify it. And regarding the law, I hope some Texas lender will inform you that.

Best of luck,
Larry
Icon Mini Profile jerry
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Post Posted: Fri Jan 25, 2008 12:57 am    Post subject: RE: new survey for cash-out refinance
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Hi Cbarr,

It's not specifically a law in Texas but in any state if there has already been a survey on your property about 5 years ago, the lender might want to check out if any changes have been done to the property/land in these 5 years. The lender simply wants to confirm that there hasn't been any significant change which can affect it's potential sale if at all you default on the loan.

Thanks,

Jerry
Icon Mini Profile jheard
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Post Posted: Fri Jan 25, 2008 8:09 am    Post subject:
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I am not aware of any such law in Texas. I can't see why a survey is needed to finance a property you already own. Check with other lenders in the area and see what they say.
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