Recorded Survey Plan vs Deed

[stangtime]

Yep - Deed takes precedence. Just explain it in the report.

Dan

 

[Mark K]

This difference in size is pretty significant and I was wondering if anyone else has run into a similar situation and which lot size should be used in the report.

Any suggestions would be appreciated.

The difference in size may be significant but does it affect the value?

Are the property lines reasonably apparent and if so, does the observed size conform with the neighborhood or the comps?

Personally, I'd measure the apparent site (its not that big) and see how it compares. Unless the size differential significantly affects value, explain the discrepancies in the report and let the parties settle the legal description problems.

If the site values are a large part of the subject value, you need to have this issue resolved before you can complete the report.

 

[jlabauve]

Whenever I have two different data sources with conflicting information, I disclose that information, i.e., what the deed says, and what the survey says. Then I require someone more knowledgeable than me to determine which one is correct. I won't take the responsibility of determining which one is accurate. I let someone else do that.

You can either put the appraisal on hold until your client makes the determination, or you can complete the appraisal based on an extraordinary assumption.

 

[Pittsburgh Pete]

Might the recorded plan include an additional tax parcel? Perhaps some of the land outlined in the plan extend into the legal right-of-way (1/2 sees rather high but might be a partial answer)?

The discrepancy is rather large--when you eye-ball the site, which appears more reasonable?

If you are appraising what was deeded to the current owner, wouldn't the deed take precedence?

 

[Mike Boyd]

Apples and oranges. A Deed is used to convey property. A survey is used to establish property lines. The deed describes the property when it was purchased, which may have been many years prior to the survey. You can record a survey, but all that does, legally, is confirm a survey was made. There may have been a lot line adjustment but that would not appear on the deed. This is one reason for a title search. Call the title company involved in this transaction and have them write a new legal description, if there was, in fact, a lot line adjustment.

 

[Webbed Feet]

Yep - Deed takes precedence. Just explain it in the report.

Dan

Oh yes. And, be sure and completely ignore anything else that has been recorded. In fact, don't even mention it. Other appraisers wouldn't because they know how much business they lose if they become one of "those" appraisers that causes problems all the time.

 

[Don Clark]

The survey is based on the deed so the deed would take precedence.

With that said, I think further investigation is warranted. The survey is obviously not based on the deed that was reviewed, so the appraiser has to determine why. In my area, these issues would be investigated at the municipal planning department.

Not necessarily. A deed simply provides evidence of title. It could be wrong, or there could be an error. A deed serves to provide evidence to others as to ownership.

 

[Fritz in NY]

I've had heated arguments with lenders/AMC's (hate to put them in the same catagory but they are the same) regarding HOW to appraise a property. They always come back to "What ever the title report says is what it is".....I say what I saw duriing my inspection is what it IS. And should be appraised that way (If H&Buse).
Exp. listed by assessor as SF I arrive and find a 2F, sperate entrances, seperate kitchens, seperate living, seperate utilities, HO insists it's a In-Law because there is 1 common door (locked) between the two units.
Kind reponses please, How would you appraise it? and why should what title says dictate what I appraise as?
A little off the original OP but same idea deed vs survey----title vs appraiser

 

[The Warrior Monk]

A deed simply provides evidence of title.

The issue is title to what. A recorded conveyance of real property has no meaning if the property is not described.

It is possible that the metes and bounds description isn't contained in a particular deed, but in that case it will reference where the description can be found; e.g., another deed, a lot on a recorded subdivision map, etc.

 

[Laughing Heir]

Are there any paragraphs in the recorded deed that start out with something like this: Excepting and reserving ... ?

Surveys can be wrong; the recorded survey is just one surveyor's opinion of the metes and bounds (supported by facts). Not all surveys -- or surveyors -- are created equal.