Prior to insuring a transaction involving property which is part of a boundary line dispute between the subject property owner and adjacent property owner, it is mandatory that the property owners enter into a boundary line agreement which establishes the exact location of the dividing line between the respective properties and contains the requisite language to effectively quitclaim from and to each party those areas which are required to establish such boundary.
In the event either or both parties have mortgages or other liens encumbering their respective properties, it is also necessary that the lienholders consent to or join in the execution of the such boundary line agreement.