Real Estate and Home Mortgages - refinance/suvey affidavit FLA
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kira
04-13-07, 04:09 PM
I closed on a refinance in Florida with a survey affidavit release...
because I didn't have a copy of the survey at the time of close is to be signed in the case a refinance without it in order to close.....
the release states that we elected to close without a survey on the property and released the title company and the mortgage company and assoc of any liability or expense as a result of not having said survey at the time of closing and shall hold them forever harmless.
However, a week later they asked for us to either pay to get a new one done or....request the copy of the original title company.. ASAP because the President of the title company and Mortgage co requested it. My question is...
How does this affect the Survey Release signed on the date of closing?
I mean in the question of legal things, liabilities and request for release
of them.... Why request it after the fact? But relieve themselves of
liabilities anyway? Isn't that convenient for them.... or am i asking a dumb question?
it just seems a little suspicious
because I didn't have a copy of the survey at the time of close is to be signed in the case a refinance without it in order to close.....
the release states that we elected to close without a survey on the property and released the title company and the mortgage company and assoc of any liability or expense as a result of not having said survey at the time of closing and shall hold them forever harmless.
However, a week later they asked for us to either pay to get a new one done or....request the copy of the original title company.. ASAP because the President of the title company and Mortgage co requested it. My question is...
How does this affect the Survey Release signed on the date of closing?
I mean in the question of legal things, liabilities and request for release
of them.... Why request it after the fact? But relieve themselves of
liabilities anyway? Isn't that convenient for them.... or am i asking a dumb question?
it just seems a little suspicious
Family Guy
04-16-07, 02:33 PM
Surveys are almost never done, as are termite inspections for convetional loans. The waiver is pretty standard, but it protects the lender and title company, not you, if I recall correctly. You probably did sign something at closing stating that you'd work with them afterwards if it turned out that your loan is missing something. I've never heard of something of this nature coming up though to know if it extends to something requiring an expense on your part. That should upset your HUD1 too.
The only reason I can think of that they'd ask for this after the fact is that something has come up to question it. Once a loan is closed, it can go through quality control inspections many times. Someone has a question, maybe something they saw on the appraisal, or title work? Who knows. I would think that since the loan is funded and closed that it would be on them to order and pay for a survey. Or someone screwed up in underwriting or processing the loan and missed something they should have asked for, for whatever reason, to make the loan saleable on the market. (loans are sold later, like a stock, even if your payment never goes to anyone else). They may need this to include your loan in the batch to be sold off to investors.
Has there been one done before? Is it an issue to get a copy to them? That would avoid a lot of trouble. Otherwise, in my opinion (stress: opinion) it would be up to them to get the survey done at their own expense.
The only reason I can think of that they'd ask for this after the fact is that something has come up to question it. Once a loan is closed, it can go through quality control inspections many times. Someone has a question, maybe something they saw on the appraisal, or title work? Who knows. I would think that since the loan is funded and closed that it would be on them to order and pay for a survey. Or someone screwed up in underwriting or processing the loan and missed something they should have asked for, for whatever reason, to make the loan saleable on the market. (loans are sold later, like a stock, even if your payment never goes to anyone else). They may need this to include your loan in the batch to be sold off to investors.
Has there been one done before? Is it an issue to get a copy to them? That would avoid a lot of trouble. Otherwise, in my opinion (stress: opinion) it would be up to them to get the survey done at their own expense.