The professionals at Arek Surveying provide clients with dependable ALTA surveys. Many different parties can benefit by using an ALTA survey, including title insurance companies, attorneys, lenders, and developers. All have reason to seek out a professional to handle an ALTA survey and deliver accurate results. And ALTA survey is broadly used to evaluate an investment in a piece of land. Overall, it is an essential tool for the design of a structure to be built and validate the viability of a project from the standpoint of a lender.
An ALTA survey needs to be completed by a registered and licensed surveyor as it needs to be prepared according to standards that are determined by the American Congress of Surveying and Mapping (ACSM) and the American Land Title Association (ALTA).
An ALTA survey shows crucial elements regarding the borders of a property and the location of any improvements on the property, which can include roads, fences, utility lines, structures, and the location of any and all easements. Due to the volume of work and detailed nature, an ALTA survey typically costs a little more than other types of surveys. However, an ALTA survey is not always mandated for all land purchases. But paying a little extra for an ALTA survey can go a long way.
An ordinary boundary survey may suffice for a property owner if there is no lender involved in the transaction. However, if a lender and a title company are involved, then it is likely that they will require an ALTA survey. Not only does an ALTA Survey indicate boundaries, but it also divulges survey risks. Title companies will generally require an ALTA survey prior to issuing coverage to a property owner. Some survey risks include easements, boundary line disputes, encroachments, and claims that may not be indicated in a survey of public records.
It is often non-recorded risks that present the greatest potential threat to an acquisition. An ALTA survey can be an essential tool for an owner and a lender in order to determine whether to process with an acquisition or a loan. Commercial property lenders use ALTA surveys to ensure correct zoning, value, and the conformation of any development with the corresponding zoning. Since an ALTA survey follows its common standards, it is able to provide for an excellent foundation for all parties who are engaged in the due diligence effort for an acquisition or new development.
An ALTA survey can be recommended when buying a piece of vacant land, even if this step is not required. This is because the vacant property may never have been surveyed previously, so getting one on the books is important. It is also possible that even if the land was surveyed, the survey took place at a time when the technology was not as dependable as it is today. This means ownership, encroachment, and border issues may exist for the piece of vacant land, unbeknownst to all parties involved. If these issues remain unknown when the property is purchased, then they could pose real problems for the new owner later. An ALTA land survey provides the purchaser with the explorational research needed to unveil and address these problems before the acquisition of vacant land is made.
While many lenders will elect to have an owner commission an ALTA survey before funding an acquisition or construction loan, the completed survey is just as important at the end of the project in order to ensure compliance with all applicable zoning laws. Also, having the survey done or revised once a project is complete can ascertain whether there have been any deviations from the engineering or architectural plans.
It goes without saying though that an ALTA land survey is not always necessary and is not legally required. It is important to consider the possible risks versus the cost of due diligence. In general, the question of how expensive and how detailed a survey you need is best answered after a preliminary title report and after the initial site inspection.
If you discover that you need to have an ALTA land survey, then you will need to officially file a request as a client for the survey. And you must arrange for the client to make the request if you are not the client. Lastly, written authorization must be submitted to the accredited surveying company by the person responsible for the payment.
It is crucial to remember that, unless the insurer specifically authorizes the survey costs, the insurance company is not responsible for them. It needs to be specified in the request that the client needs an ALTA survey.
Arek Surveying Company performs ALTA / ACSM surveys. We have years of experience providing quality surveys for those across both Suffolk and Nassau County, as well as to many throughout the greater New York City area including Brooklyn and Queens. For more information about our surveying services, please reach out to us today for more information. We will happily assist you with any questions you may have about the various surveys we provide across the area.
ALTA / ACSM Survey services are available in all New York and New Jersey Counties: Brooklyn, Bronx, Queens, Manhattan, Westchester, Yonkers, Richmond, Suffolk, Nassau, Rockland, Bergen, Essex, etc., including the NYC area as well. Common surveys associated with ALTA surveys include title surveys and mortgage surveying.
