Customer has 2 houses sitting on 40 acres. One is a mobile home that is empty, the other is the house they are remodeling. There is enough value on the 40 acres that we are only taking the acres as collateral, and neither house. However, no survey has been done to separate the properties from the acreage.
1. Escrow is required, but is it just required on the house taxes/insurance, or on all the 40 acres as well?
2. Would we need to do a survey?
Thank-you for your help.