There are certain circumstances that arise where you might been a professional to complete an ALTA survey. Two common times when you might need an ALTA survey include for commercial real estate transactions and purchases of vacant land. Let's take a closer look at each of these instances.
Title insurance companies and/or lenders sometimes require an ALTA Survey to be performed as part of transactional due diligence for a commercial real estate purchases or refinancing. Some of the liabilities that will be covered by an ALTA survey include boundary line disputes, encroachments, or other conditions and/or circumstances such as easements or claims of easements not found in public records. By having a better understanding of these delineations before purchasing real estate, the surveyor can give the stakeholder critical information that informs their decision.
Once an ALTA survey is complete, it can reveal the existence of critical discrepancies that would need to be resolved before the selling of real estate. Due to these findings, ALTA surveys help to lower the risk for future owners when buying property. If you are selling a piece of commercial property, an ALTA survey provides a record for comparison against the buyer’s survey. It is an important factor in any real estate transaction.
When someone is purchasing a piece of vacant land for further development, there will likely be the need for a professional ALTA survey. Sometimes a boundary survey might satisfy the minimum requirements in order to purchase the piece of vacant land. However, vacant land often has either never been surveyed or was surveyed so long ago that an update is required for more accurate results. Technology in the surveying field improves every so often, so if it has been years then the improved technology will lead to more accurate results.
With an updated survey, it means there could be boundary, ownership or encroachment issues that are unknown at the time of purchase. An accurate ALTA survey avoids developing an entire property only to later find out that an entire portion of the development lays outside the legal boundaries of the property. This survey also acts as a protection against any boundary disputes in the future.
Are you in the need of an ALTA survey? The professionals at Arek Surveying can get the job done and deliver reliable, on-time results. Contact us today for more information.
When you reach out, we can provide you with a no-obligation consultation to go over the details of an ALTA survey and why you might need it. At Arek, we provide our customers with a wide array of surveying options that expand past ALTA surveys. Similar surveys include title surveying, mortgage surveys, and topographical surveying. During our consultation, we can go over all of our survey options to decide which ones are the best course for your needs.
