A Basic Guideline about ALTA Survey for Our Readers
When it comes to real estate property transactions, everything must be completed legally. There are various things that the potential buyer or seller should follow to complete the procedure, from checking ownership to the sales agreement. Otherwise, both parties can face legal problems soon if any dispute is found there.
Among all the legal works, a land survey is essential to ensure no legal disputes on the property. Anyway, if you want to perform an ALTA survey in Colorado regarding any legal transaction, contact expert surveyors immediately.
What Is an ALTA/NSPS Survey?
You may know that the National Society of Professional Surveyors and the American Land Title Association have collaborated and set a survey standard. This type of land survey is done by following the rules strictly.
Experts who want to do an ALTA/NSPS survey have to pass the minimum qualifications set by these institutions. It is one of the most popular surveys in the real estate industry where every property transaction should be legal.
When Should You Go for ALTA Survey?
As we have mentioned erstwhile, people do an ALTA survey on a commercial property before selling or purchasing. In this survey, the expert surveyors prepare all the documents related to the property and give them to the title insurer. Many data in the documents are not found in public records or have certain disputes, such as borderline disputes, which may impact the commercial transaction significantly.
How Much Cost You May Expect?
Generally, any type of standard survey is cheaper than an ALTA survey. Undoubtedly, it is one of the most expensive land surveys that only specialized surveyors can complete. According to research, the cost of a standard survey remains between $300 and $700, but ALTA survey costs can increase to $2,000-$3,000.
Typically, both seller and buyer can pay for the land survey. Keep in mind that various factors impact the survey's cost, including the land's size and the challenging environment.
What Are the Purposes of ALTA/NSPS Surveys?
Several important data are not included in the public record. The following can be easements, right-of-ways, demolished improvements and encroachments, which should be informed to the title insurer. If the property buyer does the ALTA survey, then they can get title insurance coverage based on the property's current condition.
Title insurance can provide the buyer or seller coverage against several things. For instance, if some complicated property issues affect compliance, the title insurer is bound to provide the coverage. When the boundary line creates problems alongside properties, the lander or buyer can get coverage.
Contact Us
ALTA surveys require specialized surveyors who can understand the procedure and importance of this type of survey. Therefore, you should hire popular and reliable surveyors to get the best outcome. In this way, the survey can fulfill the requirements of both parties. Anyway, if you are interested in pursuing an ALTA survey before a property transaction, contact us at Carroll Surveying and Mapping in Colorado.