Acquisition and Review of an ALTA Survey

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Acquisition and Review of an ALTA Survey is very important. Smith-Roberts National Corp. ( http://www.smith-roberts.com ) is a nationwide ALTA Land Survey coordinator and the originator of the DesignReady Survey®. Contact us today for project survey samples and fee quotes.

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Acquisition and Review of an ALTA Survey

  1. 1. Acquisition and Review of an ALTA Survey http://smith-roberts.com
  2. 2. http://smith-roberts.com Buyers and lenders purchasing a commercial real estate sometimes find themselves under tight deadlines. As rules and regulations change and new professionals enter the commercial real estate domain, the advantage of survey due diligence may be overlooked.
  3. 3. http://smith-roberts.com Title companies almost always require an ALTA Land Title Survey which, in turn, makes the cost, efforts and delay of obtaining a survey required and necessary. Smith-Roberts National Corporation was formed in 1981 to meet the specific survey needs of clients who are involved with commercial real estate transactions.
  4. 4. http://smith-roberts.com <ul><li>Our years of experience in commercial real estate transactions tell us that even simple deals can be delayed or even aborted without the proper closing documents. </li></ul><ul><li>The money and efforts invested in acquiring and reviewing an </li></ul><ul><li>ALTA survey is almost always beneficial and gives the buyer a </li></ul><ul><li>holistic understanding of the property and risks that may be </li></ul><ul><li>associated. </li></ul>
  5. 5. http://smith-roberts.com Utilizing a nationwide ALTA Land Title Coordinator is especially helpful when the real estate purchase involves multiple sites throughout several states.
  6. 6. http://smith-roberts.com A survey is a map of the property and adjoining areas which meets certain specified technical standards specified by ALTA (The American Land Title Association) or ACSM (American Congress on Surveying and Mapping) which is accepted by all entities such as buyers, title companies, brokers and more. The physical ground survey is performed by licensed surveyors within the property’s state.
  7. 7. http://smith-roberts.com An ALTA ACSM Land Title Survey (“ALTA Survey”) is a comprehensive boundary survey in which various issues are addressed that are of concern to lenders and title companies. The ALTA survey will provide the title company with enough comfort that the survey exception can be removed from the title insurance policy.
  8. 8. http://smith-roberts.com ALTA surveys include (but are not limited to) property lines, location of improvements, identifying all easements, utilities and other conditions affecting the property. Most commercial real estate transactions today require a complete ALTA/ACSM Land Title Survey as a pre-requisite in order to purchase title insurance.
  9. 9. http://smith-roberts.com The land title survey will also define boundaries for the property. <ul><li>A boundary survey will identify any encroachments to the </li></ul><ul><li>property such as driveways, fences or buildings on the property. </li></ul><ul><li>A boundary survey will also unearth any disputes associated </li></ul><ul><li>with the property. </li></ul><ul><li>A boundary survey clearly shows easements for utilities such as </li></ul><ul><li>water, sewer, power lines, etc. on the property. </li></ul>
  10. 10. http://smith-roberts.com These are all important factors as any one factor which violates or conflicts with existing rules and regulations can result in a delayed closing or bad surprises after the fact which can be expensive to resolve at a later stage.
  11. 11. http://smith-roberts.com The time and cost needed to execute a ALTA survey vary based upon the real estate project. Please contact one of our coordinators and we will help you determine a budget for your project.
  12. 12. http://smith-roberts.com 100 N.E. 5th Street Oklahoma City, Oklahoma 73104 Smith-Roberts Email: [email_address] Phone:    405 840-7094 Fax:        405 516-2680 Toll Free: 800 411-2010

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