Most residential mortgage lenders require a Plot Plan to be done on properties for which the lender will be providing financing. What is a Plot Plan? A plot plan is a very LIMITED survey of the property - a certification by a professional Land Surveyor that the foundation structures (the house) is located on the lot and either conformed to the zoning set back requirements of the town in effect at the time of construction or are exempt. The certification further states that there are no encroachments of major improvements either way across property lines (your neighbor's house doesn't encroach on your lot).

Many homebuyers mistakenly assume a plot plan is a site survey, which does establish boundary lines. A site survey cost a minimum of $500.00 to several thousand dollars depending on the complexity of the site. A plot plan change by contrast, typically runs less than $200.00. The vast majority of homebuyers in Massachusetts do not obtain site surveys, partly because most buyers assume they are getting far more detailed accounting of boundary lines than their Plot Plans actually provide.

This doesn't mean all homebuyers should insist on the site surveys: buyers should weigh the cost against the potential loss, in others, buyers should obtain site surveys in those situations where there is a potential boundary line issue raised prior to signing the Purchase and Sale Agreement.