When purchasing, selling, or refinancing commercial real estate, it is essential to conduct thorough research to ensure that the transaction is worthwhile for all parties involved. If one such entity is a title insurance company, bank, or other lender, partnering with an experienced technician for ALTA surveying Oklahoma services may become a necessary part of the due diligence process.
What Do ALTA Surveying Tulsa Services Involve?
During ALTA surveys, technicians combine elements of boundary, title, and location surveys to provide a highly detailed land parcel map. Within this completed survey, the technician will note all important and notable aspects of the insured estate, including its corners and boundaries, improvements, utilities, easements, and exceptions. The survey may also mark flood zones, zoning restrictions, and any additional significant observations.
ALTA Surveying Oklahoma and CRE Transactions
Many commercial real estate transactions are significant; as such, you may seek out a loan before purchasing or refinancing a property. To receive these funds from a title company, commercial lender, or other lending entity, you will need to show that your loan is a worthwhile investment by completing the steps required in the transactional due diligence process. Part of this will involve looking for a “surveying company near me.”
While boundary, title, and location surveys provide high levels of helpful information on their own, your lender will require a survey that provides data beyond what is involved in each of these surveys. As such, you will be asked to provide the information from an ALTA survey – a highly precise study of the land that follows guidelines established by the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS).
What Do ALTA Surveys Show Your Lender?
The results of your ALTA survey will show your lender if the loan is worthwhile because it will raise awareness of any potential issues before they become costly disputes. Through careful examination of all documentation and in-person observations of the property, the ALTA surveying Tulsa technician will:
- Raise awareness of potential boundary disputes.
- Find and describe the location of encroachments.
- Locate easements not found in the public record.
- Determine the existence of other such situations.
Discovering the existence of these critical discrepancies is beneficial to both you and the potential lender because:
- The title insurance company or commercial lender will receive key information that informs their decision regarding whether to provide the loan.
- An individual seeking a loan to purchase a property will learn about any issues that should be resolved before they become costly disputes.
While these services are most closely associated with loans, ALTA surveys can also be useful if you are selling a commercial property. Because the results are highly detailed, you will have a good record to compare against the surveys that potential buyers provide.
Looking for a Surveying Company Near Me?
At Sisemore & Associates, our experienced team of technicians specializes in conducting surveys with a high degree of accuracy. Please contact us if you are interested in an ALTA survey for your commercial real estate transaction in the Tulsa metropolitan area.