During the closing process, you will be given a number of important documents. You will want to store these in a file and make sure you know where they are for future reference.

One of these documents will probably be a site plan. We want to draw your attention to this document today because it is one that homeowners seem to frequently overlook until the moment they need it.

What is a Site Plan?

A site plan is a technical drawing that depicts your entire property and its surroundings. It shows the locations of structures, trees, utilities and more in detail.

Why Does It Matter?

Your site plan is important, because you may very well end up needing it in the future. Here are some reasons you could end up needing to reference your site plan:

• You have decided to construct a garage, an ADU, etc.
• You want to demolish a structure.
• You find yourself in a dispute with one of your neighbors about the property line.
• You want to do an involved landscaping project.
• Etc.

Now, the reason we bring this up is because so often, by the time you get around to one of these projects or situations, there is a good chance you will have forgotten entirely that you were ever given a copy of the site plan.

We see this happen sometimes. Someone’s neighbour will encroach on their property, for example. They will want a way to prove it. But since they forget they already have the site plan, they go out and hire a surveyor for a whole lot of money to create a brand new site plan. But if they had just checked their closing documents, they would have found their old site plan.

There are situations where you might need a new site plan, but much of the time, it is completely unnecessary.

What if you do check your closing documents and you cannot find a copy of the site plan? Even in this case, you should not automatically go hire a surveyor.

Instead, you should contact the local building department. Ask them to see if there is a copy of the site plan in their records. Chances are good they will say “yes.” If they do, you can pay them for the site plan instead of getting a new one. It will cost much less this way.

Learn More About the Mortgage Process

We hope you found this post about site plans and their value useful. You may not look too closely at the documents handed to you at closing, but they are very important. If you have more questions about the mortgage process, what to expect on closing day, or anything else pertaining to home loans, we are here to help.

Please give us a call at (317) 255-0062 to schedule your mortgage consultation. We can help you buy a home or refinance in Indianapolis or anywhere in Indiana.