ALTA Survey
An ALTA survey is one of the highest standards and most complete types of surveys we can create. ALTA standards are set by the American Land Title Association. In addition to the property boundaries, these survey will show you any roads, small structures, fences, utilities that have been installed, easements, or another else notable that a land owner or construction manager should be aware of. Because of the complexity, these surveys are not required for all property transactions. They cost more than a basic boundary survey but the level or detail and data included are far superior. The most common use is for commercial real estate transactions where they may be required in order for the lender to review before funding can be secured. They are also thorough enough to be used by legal entities, plus design, title or finance companies that may be included in the development of a large build or renovation.
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Why is ALTA Important?
The American Land Title Association was founded over a century ago, in 1907 and is headquartered in Washington DC. At its origin, it was set up to represent and unify the title business across the growing United States, essentially to get everybody on the same page so titles could be recognized uniformly in different counties and states. Today, the ALTA survey must follow a standardized set of guidelines which were created so that they could be examined and evaluated consistently by government entities and private organizations. If all groups, including the surveyors, follow the same requirements, then it becomes easier to work from these documents and they become very reliable when all groups know certain standards are adhered to.
When is an ALTA Survey Recommended?
- Title Insurance: ALTA surveys are often required by lenders and title companies for commercial real estate transactions. Whenever buying or selling commercial property, these parties want to mitigate survey-related risks like boundary disputes and easement issues, to ensure a smooth transaction.
- Complex Property Transaction: Essential for properties with complex easements, encroachments, or unique land use circumstances.
- Vacant Land Purchase: Even for vacant land, an ALTA survey can be beneficial due to potential hidden boundary and ownership issues, providing crucial research before purchase.
- Property Dispute: In unique or complex situations, a comprehensive ALTA survey offers heightened protection by covering property lines, boundaries, easements, encroachments, liens, and land ownership details, more commonly used for commercial properties. Even if there is no dispute, these detailed surveys can provide confidence in transactions, ensuring all parties have clear, reliable property data for confident acquisitions.
How is an ALTA Survey Performed?
We've already mentioned how complex these surveys are. So you may be wondering what work goes into drafting one? Well, here are the key steps involved in conducting an ALTA survey. Throughout this process, strict adherence to ALTA/NSPS standards must be maintained to provide reliable assessment of the property, protecting the interests of all parties involved in the real estate transaction.
Project Initiation and Research
- The surveying company initiates the project by reviewing the client's requirements and the property's title commitment. Extensive research is conducted to gather relevant information, including property records, historical surveys, legal descriptions, easements, encumbrances, and zoning regulations.
Field Work
- Surveyors conduct fieldwork on the property, utilizing advanced surveying equipment and technology. They precisely measure property boundaries, corners, and other relevant features, such as buildings, improvements, utilities, and encroachments. The elevation data and topographic information are collected to begin the process of creating a detailed map.
Boundary Determination
- The surveyor identifies and verifies the property boundaries, resolving any discrepancies or ambiguities found during research or fieldwork. Easements, rights-of-way, and encroachments are located and documented on the map.
Data Analysis and Compilation
- Surveyors analyze the collected data to prepare a comprehensive survey plat or drawing that includes all relevant details which have been gathered up to this point. The survey plat will also include detailed legal descriptions of the property.
Client Consultation
- The final ALTA survey is submitted to the client, typically in both hardcopy and digital formats. A review of the survey happens and any comments can be submitted back to the surveying team for review.
Certification and Seal
- Once everything has been agreed upon, the surveyor affixes their official seal to the survey document, confirming its accuracy and compliance with ALTA/NSPS standards.
Delivery
- The ALTA survey is presented to the title company, lender or other appropriate parties to assess the property's condition and any potential title issues. The survey helps determine if the property meets the requirements for title insurance.
Closing and Transaction Completion
- The ALTA survey plays a crucial role in the closing of the real estate transaction, helping parties make informed decisions and ensuring that the property is free from significant encumbrances or discrepancies.
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When it comes to ALTA surveys in Fresno, California, let Far & Wide become your partner. Our proven track record of precision and professionalism, has earned the trust of our clients in the area. Our dedicated team of experienced surveyors adheres rigorously to ALTA/NSPS standards, ensuring meticulous attention to detail in every survey we perform. Using current technology, like GPS, and up-to-date tools, we save time in the field without sacrificing on accuracy. We understand that your ALTA survey is not just a document; it's a critical element of your real estate transaction, providing you with assurances and confidence. With Far & Wide, we're being hired to inspect your property and its history. It will be thoroughly assessed, and potential issues will be identified and addressed with the utmost care. Join the ranks of satisfied clients who've entrusted us with their ALTA survey needs, and experience peace of mind in your real estate endeavors. We strive for stellar customer satisfaction with every client we have the pleasure of helping.