Initially, the ALTA/NSPS survey was just an insurance survey, but over the years its become a commonly used tool among surveyors and brokers. It essentially offers a thorough account of all the details of the property including zoning laws, parking laws, flood classification, and zoning. This means everyone involved can be fully informed of the laws and possibilities surrounding a given property.
So when will I need one?
You will most likely need an ALTA survey when there are a lender and a title company involved in your property transaction.. When the agreement exists purely between yourself and a buyer, these surveys are normally not requested, but when more complex financial interactions are involved you will need to obtain an AKTA survey so that every party is fully informed of the details of the property.
An ALTA survey may also be recommended if you are looking at buying a vacant plot of land in order to ascertain its value and to find out whether there may be any associate risks or concerns attached to the land – and this may affect your decision to buy as it may affect your ability to develop on the land. Whether you are buying or selling empty land or property, getting an ALTA survey is never a bad idea; it ensures the valuation is correct and ensures the financial safety of all parties.
What the survey covers
So, what is an ALTA survey? Well, ALTA stands for American Land Title Association and out simply, an ALTA survey is basically a very detailed examination of the boundaries of the land attached to a given piece of property. It will include details about such features as fences, roads, and rights of way that could affect the property buyer or seller in some way.
It will also include details on the zoning of the property as well as information on its flood risk classification. Many people think that you can just do a boundary survey instead of an ALTA survey; all boundary sirverys do is outline the limits of the property’s land, whereas the ALTA survey provides many more details. They are often required by lenders and Brokers to ensure money invested in a property is protected.
ALTA surveys can seem overwhelming and unnecessary simply because they are so thorough, but getting one does ensure that all parties involved in a real estate transaction are fully informed about the property.