For those who have been around real estate for a while, the term “plat drawing” is a common one for us to use. However, for a customer who is selling or re-financing a piece of property it might not be so familiar. We encountered a refinance situation recently where a customer was informed that his loan would need a plat drawing, but he was not prepared for someone coming in his yard, walking around the house, taking measurements and writing things down in a notebook. Even though the person doing the plat drawing had introduced himself to the property owner before he started his work, the owner was a little uncomfortable by what was happening.
So to avoid some unnecessary concern on the part of the property owner, it would be good for you to inform them of the following about a plat drawing:
- It is often required by the lender so they can be fairly certain that there are no serious access, encroachment or location issues with the property.
- The person doing the drawing will frequently walk around the property to assess the following:
- Determine the corner points of the property.
- Check for lot line encroachments either from the adjacent property or onto the adjacent property.
- Verify access to a public road or easement.
- Look for visible (utility, driveway or road) easements
- The drawer will also take measurements of the primary structures – as well as the distances between structures and the lot lines. So they likely will be walking around the house and yard, and taking measurements and writing things down.
- It is not a survey – and it doesn’t have that kind of accuracy or price tag.
The better we inform our customers, the more comfortable they will be. Plat drawings are very common – and just because we are familiar and comfortable with them, doesn’t mean that our customer is. Spending a few minutes to explain the above to them might eliminate a stress point in the process.
Disclaimer – this information is NOT legal or financial advice, and should not be used as a substitute for the same. It is offered for informational purposes only. Many different factors can influence the proper course of action for a particular situation. Please seek the advice of a qualified professional for guidance with your specific transaction.