Good morning Newyorker123,
I'm not sure what you mean by "Title Insurance Survey." So I will make a guess as to what it may be, which could be one of two things.
1. Market Value Rider: this is a rider to your title insurance policy. Some Attorneys recommend strongly that you purchase this additional Rider to your Title insurane; others don't. The best person to discuss this with is your Attorney. Your Attorney can explain why you need it and how much the cost is for the additional coverage.
2. Survey: because you cite $750 as the cost, then most likely your Attorney is discussing a Survey. A Survey is prepared by a Licensed Surveyor and depicts the property lines and structures within the property boundaries. Think of it as a "blueprint" of sorts of the property boundaries and structures.
IF you are obtaining mortgage financing to purchase the property then your Lender requires a Survey that is clear, legible and can be endorsed to your Lender. I have closed many transactions over the years where the Survey was quite old but was still acceptable. Did your Attorney request a copy of the Survey from the Seller of the home? If your Seller has a Survey that meets the Lender requirements I outlined above, then you've just saved yourself the cost of a new Survey. Your Title company will take the existing Survey and perform an inspection of the property to verify there are no additions to the property since that Survey (such as a shed, extension to the back porch, etc.) that may not be legally constructed (without appropriate building permits from the municipality).
Your Title company may also attempt to locate a Survey in Public Records although this is less likely to be available as Surveys don't often get recorded the way Deeds and Mortgages are recorded.
I find it amazing that your Attorney hasn't explained in more detail this important component of your Home Purchase process. Surveys are required and standard; when spending extra money on a Survey your Attorney owes you a detailed explanation.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services