Top Reasons for Performing ALTA Survey on Commercial Properties

Working with commercial properties will need you to do land surveying a little differently than usual most of the companies that do commercial land surveys go for ALTA surveys as it ties in with the law and provides the exact results that one needs to present to the government and banks.

Working with ALTA surveys is great as it gives you very accurate data and understands the zoning laws and setback requirements of the property and the land. You also get to know your property boundaries and height requirements, making it easier to know what kind of building would be feasible on the land.

Here are some of the top reasons why you should have ALTA surveys on your commercial properties: 

• Uniform standard: Since it has a uniform set of standards and ethics, the review of the land will be easier for the title company to present for the investments on the property. It can easily be understood by everyone as well.

• Familiarity: As it was mentioned above, it is important that ALTA survey is done so everyone can understand its results. Since the financial matters are of utmost importance in commercial properties, the ALTA survey is transparent and gives all the investors the same footing to work from.

• Potential encroachments: Knowing the limits of your property will help you draw up the right blueprints for your building. This will, in turn, make sure that you do not fall into any unnecessary lawsuits by encroaching on your neighbor’s property by accident.

• The scope of work: When you understand the land, you will be able to comprehend the scope of work that is presented in front of you. With ALTA surveys, you get an in-depth knowledge of the land. This means that you can understand the scope of work required to get the job completed on time. 

These are some of the main reasons why ALTA surveys are preferred for commercial properties. You can also say a lot of time and money thanks to the accurate data provided by ALTA surveys.

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Things You Should Know About Boundary Surveys

The boundary survey is one of the typically conducted surveys for both commercial and private properties. Its purpose is to determine, establish, re-establish the boundary lines of a parcel of land. The data can be useful when you need to accurately determine your property's boundary lines before you build anything on your land. Here are some of the other things you must know about boundary surveys:

1. It provides important information about your land – The results of a boundary survey will contain the exact number of acres or measurement of the parcel of land. Moreover, it will determine any encroachments, provide a description of your land, and offer a defining statement to pinpoint the location of the land. The information can be useful when the location of your boundary line is being disputed. It may protect you against losing your property to a third-party who may wish to obtain your land, too.

2. It is needed before you build a fence – Boundary surveys will reveal exactly where your property ends and beings, so you do not end up building a fence on your neighbor's land. Likewise, they can provide information as to how high your fence should be, so you can be sure that it is built according to the local zoning laws.

3. Boundary surveys must be conducted when buying land – If you are planning to purchase parcel of land from a longtime owner, hire a land surveying company for a more accurate measurement to confirm the data on the title deed. The information can be crucial before executing or creating mineral leases and other land-use agreements. Land owners who are compelled to sell portions of their land to the commercial land developers and to the state must conduct a comprehensive boundary survey, too.

4. It must be performed by a licensed and qualified surveyor – It is very important to hire a reputable and experienced land surveying company that follows acceptable codes and standards that were set by the industry, government, and other authorized entities. A seasoned surveyor uses state-of-the-art equipment like 3D laser scanning, along with proven knowledge to provide an updated survey of your property. He or she can research about your property to backup the information from the survey, too.

Significance of ALTA/ACSM Land Title Surveys

An ALTA survey is a type of land title survey product that meets the needs of title insurers in order to remove standard survey exceptions from the current/existing title policy. The American Land Title Association is the main proponent of this particular land survey product, and it aims to provide both buyer and lender with relevant information concerning the present and future use of the land in question as well as the different restrictions and encumbrances, which can –potentially affect the property. The information contained in an ALTA land survey allows lenders and buyers to evaluate the property and at the same time analyze all the potential benefits and risks of owning it.

Officially, the stated purpose of this particular survey is to remove from the property’s title insurance policy, the “survey exception language,” which is supposed to benefit both the owner and the lender’s title insurance coverage. In simpler terms, this is referred to as providing an extended coverage.

The extent that one can deviate from these standards depends on the title insurer’s willingness to provide the coverage required by the lender or the buyer for the property transaction. ALTA surveys are commonly used as underwriting tools on succeeding property transactions. An ALTA survey also provides relevant information to interested parties, answering concerns and questions in an official and unbiased manner.

Generally, an ALTA survey provides information including:

• Surveyor findings about the proper and actual boundaries of the property.

• Observed easements and any easements and exceptions stated in the title commitment.

• Significant observations about the property, which may include utilities, improvements, and public access; and

• Specific information relating to zoning, topography, flood hazard concerns, and parking configurations.

People who plan on selling properties may also use ALTA surveys for protection against potential claims from buyers or lenders after the conveyance of the property title.