ALTA surveying is essential in real estate transactions, providing detailed property data that buyers, lenders, and title insurers rely on. Knowing when an ALTA survey is needed and why specific projects require it can help you make informed decisions and avoid issues. Here is what you need to know about ALTA surveys, when they are necessary, and how to determine if your project may require one.
What Is ALTA Surveying?
An ALTA survey is a land survey that follows standards set by the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS). These important standards ensure that technicians conduct a comprehensive survey covering property boundary lines, easements, encroachments, and improvements. ALTA surveys are highly detailed, and they provide essential insights into a property’s legal and physical characteristics that are critical in many real estate transactions. Incorporating GPS survey technology in the process adds a heightened level of accuracy to property data, helping ensure that every measurement meets the needs of lenders, title companies, and insurance providers.
When Is an ALTA Survey Required?
If your project requires title insurance, involves financing, or includes commercial development, you will likely need an ALTA survey. Here are the main types of projects that typically require an ALTA survey:
1. Commercial Real Estate Transactions
In commercial real estate transactions involving high-value properties, lenders and buyers rely on an ALTA survey to confirm there are no boundary issues, encroachments, or legal complications. An Oklahoma surveyor ensures compliance with regulations and provides an accurate assessment.
2. Securing Title Insurance
Title companies often require an ALTA survey before issuing title insurance, which protects against potential claims on the property. An ALTA survey identifies issues that could impact the property’s title, ensuring the insurance policy accurately reflects the property’s condition.
3. New Construction and Development Projects
For new construction, precise data is essential. An ALTA survey provides the details developers need to design and build within legal guidelines. A GPS survey can further enhance accuracy by pinpointing specific locations on the property.
4. Refinancing Commercial Properties
Lenders may request an updated ALTA survey when refinancing commercial properties, especially if it has been several years since the last survey. This survey confirms the property’s current condition and any changes since the initial transaction, meeting current requirements.
Why Do Some Projects Require an ALTA Survey?
Partnering with a professional Oklahoma surveyor is a smart choice for these important projects, as certain operations require an ALTA survey to provide the detailed property insights needed to ensure accuracy and compliance with codes and regulations. As such, here are reasons why some projects specifically require this type of survey:
1. To Provide Comprehensive Legal Documentation
ALTA surveys provide thorough documentation essential for legal clarity in high-value transactions and large projects. This level of detail confirms boundaries and identifies restrictions that could affect property use.
2. To Minimize Risks and Legal Issues
ALTA surveys identify encroachments, easements, and other features that could impact a property’s value or use, especially in commercial properties. This survey enables all parties to make informed decisions based on precise data.
3. To Support Lender and Title Company Requirements
Lenders and title companies often require ALTA surveys to verify property boundaries and conditions. Title companies use ALTA survey data to issue accurate title insurance policies, reducing the risk of unexpected legal or ownership issues.
4. To Prepare for Future Development
An ALTA survey ensures the land can be developed as planned without legal or logistical obstacles for development projects. The included boundary and easement data are crucial for designing structures, utilities, and access points.
Partner With Sisemore & Associates for Your Surveying Needs
For those looking for comprehensive surveying services, look no further than Sisemore & Associates. With almost 30 years of experience in the field, our firm is committed to delivering solutions that meet your project’s specific needs. As trusted Oklahoma surveyors, we work with precision and professionalism and are committed to guiding you through the surveying process with unmatched expertise and reliability.
Reach out to us to discover how our experience can ensure the success of your next project.