Everything in life is situational, including the need for an ALTA survey.
Typically, ALTA surveys are performed with most real estate transactions that involve commercial, industrial, and large residential properties. These transaction are complex and involve a number of different parties.
Whether an acquisition or refinancing; ALTA surveys are highly preferred and often required by:
• Title insurers
At its core, an ALTA survey is a land title survey that follows the standards that were set forth by the combined efforts of the American Land Title Association and the National Society of Professional Surveyors. The standards were developed to provide a consistent expectation on what should be mapped across the country.
These standards include:
• Property Boundaries
• Local zoning information
• Flood zone designation
For real estate developers every transaction has pitfalls – survey issues are one of them. Don’t let your closing get held up because your ALTA survey isn’t complete or acceptable. Be sure to get it scheduled with a surveyor at least 4-6 weeks out to ensure you have what you need to close on your property.
ALTA surveys are typically not performed for the average residential real estate transaction because they are not as complex. However, a simple boundary survey is recommended when buying a residential property.
Still have questions? Contact our experts.