When preparing to purchase or refinance a property, you may receive a loan from an outside party to assist with the process. Whether you meet with a commercial lender, insurance company, title company, or bank, this party will likely require a thorough due diligence process before providing the funds; this process often involves ALTA surveying Tulsa services.
Understanding ALTA Surveying Oklahoma
This survey type involves a highly detailed and specialized review of a property. ALTA surveying Oklahoma can be thought of as a combination of:
- Boundary surveys: because it establishes the property’s perimeter in relation to its legal description.
- Location surveys: as it marks the location of improvements in regard to the property’s boundaries.
- Title surveys: because it involves an evaluation of factors that affect ownership and easements.
Through careful research and a physical inspection of the plot of land, the technician will create a detailed map that:
- Defines the property’s boundaries and corners.
- Notes how those boundaries compare to the deed’s description.
- Details all of the property’s improvements and utilities.
- Describes any significant observations about the estate.
- Notes any exceptions or easements cited in the title commitment.
- Lists any flood or zoning restrictions when relevant.
In addition to ensuring that everything is constructed correctly and within its timeline, the ALTA survey will provide everything needed for the lender to issue an American Land Title Association or Extended Coverage Title Insurance policy. Overall, an ALTA survey determines if the transaction is beneficial for all parties.
When Are ALTA Surveying Tulsa Services Required?
If a landowner looks for a “surveying company near me” to learn more about their ALTA surveying services, it is often because they require a loan to assist with commercial real estate transactions or to purchase vacant plots of land.
Commercial Real Estate Transactions
Title insurance companies or other lenders may require an ALTA survey before they assist with commercial real estate purchases or refinances. This is because the thorough surveying process will reduce the risk of boundary-related liabilities, such as:
- Line disputes.
- Encroachments.
- Easements.
- Easement claims.
Because the resulting survey shares critical information that may not be listed in the deed or other legal documents, it can inform your purchase decision and lower the risk of running into boundary-related issues later on.
Vacant Land Purchases
While boundary surveys are often the only requirement for vacant land purchases, ALTA surveys can be especially useful when you are purchasing that plot of land for eventual development. In particular, ALTA surveying services are recommended if the property’s previous survey is outdated or if it has never been surveyed before. This process will help prevent potential legal disputes regarding ownership, boundaries, and encroachments.
Looking for a Surveying Company Near Me?
As a leading civil engineering and land surveying firm, the team of technicians at Sisemore & Associates has the knowledge, experience, and techniques to get the information that you need for your project to succeed. Start your project right with an efficient ALTA surveying process that provides accurate results. Contact us to learn more about our services.