ALTA surveys are an important piece of the land development process. ALTA stands for the America Land Tile Association, which works with the American Congress on Surveying and Mapping. Together these groups created a set of standards regarding as-built and boundary surveys.
These surveys help title insurance companies figure out their way around a property’s improvements, easements, rights-of-way, fences, utility lines, installations, trails, paths, roads, and other aspects and information that would play a role in helping insure the land. Before pursuing an ALTA survey, you must have a title commitment for the piece of property. This title commitment will be referred back to by the surveyor for any legalities and legal descriptions of encumbrances.
These surveys help title insurance companies figure out their way around a property’s improvements, easements, rights-of-way, fences, utility lines, installations, trails, paths, roads, and other aspects and information that would play a role in helping insure the land. Before pursuing an ALTA survey, you must have a title commitment for the piece of property. This title commitment will be referred back to by the surveyor for any legalities and legal descriptions of encumbrances.
The reason an ALTA survey is so important to insurance companies is because the survey and title insurance company must work together and count on each other to delineate any occurrences or matters that may end out affecting the ownership of the land. Both the surveyor and insurance company have information that plays off each other in order to create the final survey. Without the surveyor’s information regarding all important aspects of the property like we mentioned earlier, the title insurance company can not issue ALTA title insurance coverage. The language of the survey itself will include the name of affected parties, the buyer, seller, title insurance company and lender.
ALTA surveys are not legally required by the state and sometimes are not necessary. It is often important to wage the potential risks in buying a property with the expense of taking due diligence and getting an ALTA survey. For example, an apartment building in an already well-developed urban area won’t have has as much potential for possible boundary encroachments and property battles. It is best to have a site inspection and a review of the preliminary title report before deciding if pursuing an ALTA survey is the best for you and your property.
ALTA surveys are not legally required by the state and sometimes are not necessary. It is often important to wage the potential risks in buying a property with the expense of taking due diligence and getting an ALTA survey. For example, an apartment building in an already well-developed urban area won’t have has as much potential for possible boundary encroachments and property battles. It is best to have a site inspection and a review of the preliminary title report before deciding if pursuing an ALTA survey is the best for you and your property.