When our family first moved into our home five years ago, the central heating and air unit were brand new. We never considered that there would be a time when it would not be operating as we wanted it to. When the time to buy a new unit came, we found that the available options were more diverse than we thought. It was all too confusing. After researching the different options, I decided to create this blog. My hope is that others who are faced with this decision can find easy-to-understand information that can aid in quickly making an informed decision.
If you're in the middle of a major real estate transaction and have been told that you need to obtain an ALTA survey, one of your first questions may be, what is an ALTA survey and why is one necessary? ALTA surveys represent a major undertaking in the world of map making and surveying. Although you may be required to provide an ALTA survey for insurance purposes, you may find that owning such a survey has many benefits when you decide to make upgrades to the property. Read on to find out more.
What is an ALTA survey?
An ALTA survey is a comprehensive survey that has been prepared in accordance with the standards adopted by ALTA (American Land Title Association). The current minimum standards were adopted in 2011 and are available to view online. Following the survey, a map is drawn to ALTA specifications. The map includes boundaries, main building location, ancillary buildings, building improvements and access rights for utility companies. ALTA surveys can also show flood zones, zoning restrictions, and other significant details as it relates to the title of the property.
When do you need an ALTA survey?
ALTA surveys are often conducted for high-value commercial properties and are often required for the purposes of obtaining title insurance. When an ALTA survey is required for title insurance purposes, it must be completed before the close of escrow.
What are the benefits of an ALTA survey?
Alta surveys give a lot of information that a quick look around the property can't provide. For example, ALTA surveys show the location of sewer and power lines and how buildings on the property sit in relation to those lines. ALTA surveys can help business owners choose the location for future structures, and may provide guidance when planning property improvements. ALTA surveys can help businesses pick where to lay new roads and other important details.
How long does an ALTA survey take?
ALTA surveys are highly detailed and can take weeks to fully finish. The exact length of time will depend on the size of the property.
For more information about getting an ALTA survey for your property, contact an experienced surveyor company or licensed professional. Remember to do so well in advance of closing escrow on the property being purchased, if you are purchasing an ALTA survey for a real estate transaction. This will help ensure that the surveyor will have enough time.Share
17 September 2015