The ALTA survey is typically required to be
submitted with other documents during commercial real estate transactions. It
is the land title survey that is usually referred to as a section of a title
certificate application or insurance. The survey must be performed according to
the standards and specifications of the ALTA/ACSM. ALTA stands for 'The
American Land Title Association', and ACSM stands for 'The American Congress on
Surveying and Mapping'. ALTA surveys aim to promote nationwide uniformity and
standards in land survey data.
ALTA/ACSM land title surveys are beneficial
to title companies, corporations and lenders, contractors, engineers,
architects, and the general public. The ACSM and the National Society of
Professional Surveyors created accuracy standards for dealing with issues like
closure and distance requirements and minimum angle and positional uncertainty
for ALTA/ACSM land title surveys. The survey can provide the most comprehensive
and accurate information to the title company before the title is insured to
the property.
An ALTA/ACSM land title survey typically
bears the full names of concerned parties, such as the buyer, seller, lender,
insurance company, and Title Company. This survey may be practical for
homeowners, too. Hence, it is important that both title insurance and land
surveying companies work closely together to make sure that the ALTA/ACSM survey can be
useful when resolving matters that may affect land ownership.
Also known as 'due diligence surveys', ALTA
land title surveys clearly depict improvements and easements, ownership areas,
rights-of-way, encroachments (if any), encumbrances, the boundaries of the
property, and other important aspects pertaining to ownership of land.
ALTA/ACSM surveys may be used as a basis for ideas when there is a need to
improve the land with trails, fences, rights of ways, and roads. They may
provide information that may require more investigation especially when there
is a possibility of adverse rights on the property.
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