Understanding the Difference Between an ILC and a Land Survey
Real Estate News
What is the difference between and ILC and a Land Survey? Most title companies and lender will accept an ILC which is cheaper than a land survey but aren’t as exact or time consuming as land surveys. Usually, a county or town will require a more detailed survey for building and addition projects.
An ILC versus a Land Survey
I don’t need to go into details as to why you would hire a land survey and ILC when considering these two companies. ITL vs a land survey? There are 4 types of land survey services. Government Agency – These will cost more than an ILC or Land Survey and are really more for larger structures such as additions or road and bridge construction. Private Contractor – These are fast and less expensive than a land survey. They are not necessarily the best for all structures but may be the best option for a smaller home. Insurance/Consulting – The purpose of the consulting company is to insure the accuracy of the report or survey by trying to make sure it has a high level of accuracy. A surveyor has the authority to dispute the report or the information in the report.
Advantages and Disadvantages of using either type of document.
The Title Insurance Company (TIC) As discussed above, the Land Survey is the method in which a legal title is defined. Although it costs more for most mortgage lenders to file the Land Survey, it is time-consuming and detailed. If a homebuyer is already pre-qualified and accepted, then the Land Survey is much cheaper than hiring a TIC. The Alternative to Land Survey Most buyers find it a good deal if the TIC (a title insurance company) will give a report of the land survey that the buyer has already had. However, not all buyers qualify for a TIC. It is imperative that you meet these qualifications to be eligible to get the report. The Land Survey Alternative Another alternative that is becoming more popular is the Freedom of Information Act (FOIA).
A Land Survey versus an ILC
The main difference between an ILC and a Land Survey is that the ILC has multiple parties to satisfy. However, all the parties may use the same information and the same ILCs. A Land Survey only has one agency that owns the surveying equipment and can collect the survey data. Because all the parties are using the same equipment, one agency may collect the survey data and all the parties need to come to an agreement or consensus on the result. That is the main difference between an ILC and a land survey.
Conclusion
Title companies and lenders are still putting very strict requirements on obtaining or providing a large construction loan for your home. Because of this, one of the best decisions you can make is to hire a title company that understands the difference between an ILC and a land survey and can provide that specific service to your home. If you have questions about your loan or the title industry, please contact my office.
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