ALTA & ACSM Land Title Survey for Retail Shopping Centers

ALTA/ACSM Land Title Survey for
Retail Shopping Centers

http://smith-roberts.com

• The ALTA/ACSM land title survey “ALTA Survey” is often an important
component of the commercial real estate transaction.
• Title insurance plays a critical role in protecting lender and purchaser
investments. In fact, most commercial real estate transactions require
title insurance.
• Title Insurance firms rely upon a current and accurate land title survey of
the property based on the new 2011 ALTA standards.


• Retail Shopping Centers are very complex sites with lots of moving
parts and preparing a survey of them is as equally complex.
• The typical shopping mall will have multiple tenants and in many cases,
several owners.
• The surveyor of this type of property will need to show the limits of
ownership for each owner and review and reflect the multitude of
easements that are designed to give everyone good physical access,
adequate parking and proper signage.


• An ALTA Survey will reflect those things and communicate the findings
to the owner or purchaser via the survey.
• Many of the easements and descriptions have been created by people
other than surveyors and may disclose the intent but contain many errors.


• Once the survey is complete the surveyor will be able to assist in
correcting any error that is noted, giving the property owner clear and
marketable title to the portion being purchased or refinanced.
• In addition, new easements may need to be created depending on the
needs of potential tenants or the desire of the buyer.


• Shopping center owners have also been known to try to increase the
value of their investment by creating additional lots (or out lots).
• There are many things to be considered prior to creating new lots within
a shopping center setting. Many of those questions can be answered by
obtaining a survey.
• Most owners will want to know if they use excess parking to build new
buildings will the original development still be in compliance with current
zoning codes etc.
• These are items to work with the governing authority. However, prior to
any discussions, a current survey will be necessary.


The following example is a recent -
• ALTA Survey provided by Smith-Roberts National Corporation and will
briefly explain the important parts of the survey.
• SRN has made this New York ALTA Survey sample available for your ready
reference and download.
• We encourage you to download it and please do contact us if you have
any questions.
• Smith-Roberts National Corporation specializes in coordinating and
reviewing Land Title Surveys for multi-site and multi-state real estate
transactions.
• We are staffed by Professional Land Surveyors who are trained to address
survey and title issues prior to closing and during the due diligence
period.


Sample ALTA/ACSM Land Title Survey For a Shopping Center


Sample ALTA/ACSM Land Title Survey For a Shopping Center
Location:
Walden Avenue - Site No. 4334
1746 Walden Avenue
Cheektowaga, Erie County, New York
Town/County
Town of Cheektowaga, County of Erie and State of New York


GENERAL SURVEY NOTES :
1 The Basis of Bearings for this survey is NAD83 New York State Plane.

2 Utility Note:
• The underground utilities shown have been located from field survey
Information and existing drawings.
• The surveyor makes no guarantee that the underground utilities
shown comprise all such utilities in the area, either in service or
abandoned.
• The surveyor further does not warrant that the underground utilities
shown are in the exact location indicated although he does certify
that they are located as accurately as possible from information
available.
• The surveyor has not physically located the underground utilities.


3 This survey was made in accordance with laws and/or Minimum
Standards of the State of New York.

4 The property described hereon is the same as the property described
in Chicago Title Insurance Company Commitment No. 1113-25044 with
an effective date of January 31, 2011 and that all easements, covenants
and restrictions referenced in said title commitment or apparent from
a physical inspection of the site or otherwise known to me have been
plotted hereon or otherwise noted as to their effect on the subject
property.


5 Said described property is located within an area having a Zone
Designation "C' by the Federal Emergency Management Agency
(FEMA), on Flood Insurance Rate Map No.3602310005 E, with a date of
identification of APRIL 8 1983 , for Community Town of Cheektowaga,
in Erie County, State of New York, which is the current Flood Insurance
Rate Map for the community in which said premises is situated.

6 The Property has direct access to Walden Avenue and Galleria Drive
dedicated public streets or highways.

7 The total number of striped parking spaces on the subject property is
1336, including 38 designated handicap spaces.


8 There is no observed evidence of current earth moving work, building
construction or Building additions [except as shown or noted hereon]

9 There are no proposed changes in street right of way lines, according
to Erie County. There is no observed evidence of recent street or
sidewalk construction or repairs.

10 There is no observed evidence of site use as a solid waste dump, sump
or sanitary Landfill.


Landfill


Smith-Roberts
100 N.E. 5th Street
Oklahoma City, Oklahoma 73104
Phone: 405 840-7094
Fax: 405 516-2680
Toll Free: 800 411-2010

Email: Info@smith-roberts.com


ALTA & ACSM Land Title Survey for Retail Shopping Centers

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ALTA & ACSM Land Title Survey for Retail Shopping Centers