What Is an ALTA Survey? Plus 3 Reasons You Need One
If you’re involved in buying or developing land, you’ve probably heard of an ALTA survey. But do you know what is an ALTA survey?
An ALTA survey is a highly detailed land survey. It meets the standards set by the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS).
But why do you need one? Let’s explore three reasons why an ALTA survey can be essential to protecting your investment in a land purchase or development. Read on!
What Is an ALTA Survey?
An ALTA survey is a type of land survey that meets the standards set by the ALTA and the NSPS. These standards were established to provide consistent and accurate land surveys. These can be used for commercial real estate transactions.
ALTA surveys are highly detailed. It includes information such as property boundaries, improvements, easements, and encumbrances. They also show the location of structures on the property, as well as any above-ground utilities or underground facilities.
ALTA surveys are typically used for large commercial properties. But they can also be useful for smaller properties with complex legal histories.
Reason 1: To Identify Property Boundaries and Easements
Identifying property boundaries and easements is crucial for developers, lenders, and buyers. It can impact the development potential of a property.
An ALTA Land Survey can help identify any encroachments or overlaps with adjacent properties. It can also identify any legal limitations on the use of the property, such as easements for utility lines or road access.
By obtaining an ALTA land survey, you can ensure that you have a clear understanding of the boundaries of your property. This can help prevent disputes with neighboring property owners, and it can also help you avoid costly legal battles down the line.
Reason 2: To Mitigate Risk for Lenders and Buyers
When a lender provides financing for a commercial real estate project, they want to make sure that the property is a sound investment.
An ALTA survey can provide valuable information about the property’s history, as well as any potential risks or liabilities. This can include information about the property’s zoning, flood zones, and environmental hazards.
For buyers, an ALTA survey can help identify any potential risks associated with the property. This could be easements that may limit its use or encroachment from neighboring properties.
Reason 3: To Ensure Compliance with Local Regulations
In some cases, local regulations may require an ALTA survey. This is before certain types of construction or development can take place.
If you are planning to build a new structure on a commercial property, you may need to get an ALTA survey. This is to ensure that the structure complies with setback requirements and other local zoning regulations.
With an ALTA survey, you can ensure that you are in compliance with all applicable regulations. You can avoid costly fines and penalties for non-compliance. This can also help you avoid delays in the construction or development process.
Discovering Why You Need ALTA Survey
An ALTA survey is a detailed and essential tool for anyone looking to buy or develop land. It provides critical information about the property that can impact its value, use, and potential risks.
If you are in the market for a land purchase or development, consider getting an ALTA survey to protect your investment.
For more information on what is an ALTA survey, contact a reputable land surveyor. You can also check out our page today for more info!