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

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" [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. 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.

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

jheard's picture
jheard | Joined: December 12, 2007 08:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:37 | Post subject:

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