Engage the Services of an ALTA Surveyor to Get Detailed Survey of the Property You wish to Lend
If you are considering purchasing a land for a commercial activity, it is in your interest to get an ALTA land survey conducted before making the final purchase. The survey helps potential buyers and sellers in assessing the property or the land for potential risks. Similarly, it also helps them identify the underlying benefits of purchasing that property or land. These surveys can also provide crucial information on easement of property and boundaries. Apart from this, you may also receive propositions for enhancements, too, such as roads, trails, fences, and rights of ways. You may arrange for an ALTA survey to gather more information about other features of the land, which in turn may affect the ownership of property.
Though, this kind of survey is comparatively more expensive than traditional land surveys used for mapping and contouring, it is far more precise, faster, and detailed. It is in your best interest to hire the services of experienced surveyors who not just follow a set of codes while conducting a survey or Professional surveyors follow a uniform set of codes when conducting an ALTA survey for construction purposes. It thus becomes important to only engage the services of experienced and licensed surveyors who can meet all the set survey standards by certified institutions, so as to ensure reliable results. Such surveys provide a kind of declaration against unnoticed factors that can affect how the property is utilized.
Listed below are some advantages of using ALTA land survey:
- Uniform Standard: Since, the ALTA standards are universally uniform, it becomes easy for the title company to evaluate the survey and inscribe title insurance on the property. This controls the financial risk for the proprietor, as well as seller.
- Encroachments Revealed: When a property owner breaches the property rights of his/ her neighbor by constructing something over the neighbor’s land it is termed as encroachment. A detailed ALTA survey should be able to demonstrate potential encroachments through the survey drawings. This can turn out to be extremely useful for those looking to invest in a commercial property.
- Familiarity: All the participants in the ALTA survey including the attorneys, lenders, surveyors, and title professionals are familiar with the survey standards. This allows them to work together and in co-ordination with each other.
- Consistent Scope of Work: This survey provides a consistent scope of work, which is something difficult to determine in any contract. Apart from this, the contract is frequently updated to conform to the latest legal and technology issues.
Whether you are considering purchasing or lending a commercial property, a detailed investigation of the property becomes mandatory. An conducting ALTA Survey could gather information regarding the title of the property along with its actual location and other specifications.
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