Question

SURVEY LAW

Part 1: A survey of a lot for the purpose of obtaining a mortgage would be considered a/an:

A) Forensic survey

B) Litigation survey

C) Utility survey

D) Original survey

Part 2: Why? Give another example.

Answer 1

Ans:

(D) Original survey

For obtaining mortgage value original survey is carried out.

Original survey is carried out for valuation of your properties based on recent trends and advancement, based on location of your property, condition of your property, age of property,etc. After original survey you get final value of your property as per current economic condition and based on that valuation mortgage is decided.

while utility survey is carried out for inspection of different utilities in your property like duct,drain pipe, ventilator pipe, electric supply line, gas line,etc. by utility survey you are not able to find mortgage value of your property.

Litigation survey is used as legal evidence for issues like crime and civil. In this survey more group of people involved and their Opinion are taken in to consideration.

Forensic survey is carried out to collect evidence for legal case in which as a evidence includes both paper work as well as physical evidence.

Example:

Usually investor conduct original survey before purchasing new property. he calculate mortgage value based on original survey so that current trends in economy as well actual cost of that property and increase in the rate of property in future  can be easily estimated and could make correct decision for investment.