Purchasing or mortgaging property can be a risky investment. Knowing potential pitfalls – or benefits – of the property before purchase contributes to a smoother transaction for all parties involved.
An ALTA/NSPS Land Title Survey can mitigate potential post-acquisition surprises by providing a comprehensive view of the property. From working with the title insurance companies to identifying potential concerns, the ALTA survey plays an important role in the due diligence stage for a real estate transaction or for future land development.
What is an ALTA survey?
An ALTA survey is considered the “Gold Standard” for surveys. It is the only type of survey with national standards recognized by title companies and lending institutions.
An ALTA survey is a boundary survey that also depicts existing easements listed in a title commitment in addition to the existing improvements that include; building footprint, curb and gutter for parking lots or driving lanes, adjacent roadways, physical points of vehicular access, walking trails, and above ground utilities.
Another unique aspect of the ALTA survey is the option to select up to 20 pre-defined additional survey services, known as “Table A” items. These options can include underground utility markings, building square footages, building heights, surface topography (contours) to national mapping standards, depicting wetland designations, flood zone information and parcel zoning information. This survey is specifically designed to assist in the development of commercial property.
Galloway & Company ALTA Surveys
What Information Does a Standard ALTA Survey Provide?
- Property lines with monuments found or set at all major corners of the parcel
- Depiction and notation of easements listed in the title commitment
- Potential areas of concern with improvements or easements
- Improvements within the property and along the property lines
- Parcel legal access points
- Above ground structures including buildings, sheds and barns
- Above ground utilities
- Overhead encumbrances such as power lines or adjacent roof overhangs
- A to-scale map that is a snap shot in time of the properties
- Opportunity for lenders, developers, buyers, sellers, title companies and land surveyors to engage in discussions to identify and resolve potential conflicts with the property prior to acquisition or design.
When is an ALTA Survey Typically Necessary?
- Prior to the purchase or sale of land, for loan approval and land title insurance
- Prior to engineering design for development
- Prior to City/County approvals for permitting or Certificate of Occupancy
- During a due diligence investigation of the property for encumbrances
- During property disputes