What are appraisals and surveys?
An appraisal is the standard way to estimate of the value of the home you are purchasing. Professional appraisers are trained in estimating the value of real or personal property. A copy of the appraisal will be provided to you at closing.
Surveys are utilized to determine whether there has been an encroachment on the property lines, building lines or easements. If your home is new construction, the builder may order the survey just after completion or just before closing. Older homes may have issues with fences or building additions. Mortgage surveys are not always required, but may be specified under some conditions by the lender.