Tulsa surveying services are useful in many ways. For example, to receive a loan to purchase or develop a property, you will likely need to provide a title policy to ensure that the lender’s investment is worth it. In that situation, you need ALTA surveying Tulsa services.
The purpose of ALTA surveying Oklahoma is to provide a title company or lender with the information and survey data required to issue an American Land Title Association or Extended Coverage Title Insurance policy. ALTA surveys involve a set of standards that ensure that the commercial transaction is worthwhile for all parties involved.
Understanding ALTA Tulsa Surveying
During an ALTA survey, a technician creates a highly detailed map of a property that:
- Includes all of the property’s utilities and improvements.
- Lists and describes any significant observations about the insured estate.
- Details the property’s boundaries.
- Shows how the boundaries relate to the description on the deed.
- Notes any easements and exceptions cited in the title commitment for the insurance.
- When relevant, shows any zoning and flood restrictions.
Because they describe all of a property’s features and characteristics, ALTA surveys are one of the most comprehensive types of land surveys. An ALTA survey can be seen as a combination of a boundary survey, title survey, and location survey:
- A boundary survey establishes a property’s perimeter and corners in relation to its legal description.
- A title survey involves an evaluation of factors that affect a property’s boundaries, ownership, and easements.
- A location survey marks the location of a property’s improvements in relation to its boundary lines.
When are ALTA Surveys Required?
ALTA surveys are often a requirement for commercial real estate transactions and when purchasing vacant plots of land.
ALTA Surveying Tulsa for Commercial Real Estate Transactions
Before purchasing or refinancing commercial real estate, title insurance companies or lenders may require an ALTA survey as part of their due diligence process. This is done to prevent any boundary-related liabilities, such as:
- Boundary line disputes.
- Easements or easement claims.
Understanding necessary information that is not listed in the deed or found in public records can provide critical information that informs your decision. By becoming aware of any issues before purchasing a property, you can lower your risk of running into these issues unprepared later on.
ALTA Surveying Oklahoma for Vacant Land Purchases
While it is not always required, an ALTA survey is often useful when purchasing an empty plot of land for further development. In some situations, a boundary survey may be the only requirement. However, an ALTA survey is recommended if the property has never been surveyed or if its previous results are outdated. Having an ALTA survey conducted will help prevent any potential issues regarding boundaries, ownership, or encroachments.
Looking for ALTA Surveying Services?
If you require a loan to purchase or develop a property, working with a qualified and experienced technician for your ALTA survey will benefit your project as a whole. To learn more about Sisemore & Associates’ ALTA surveying services, please get in touch.