Frequently Asked Questions About ALTA Land Survey
An ALTA Survey is a thorough survey of actual property performance, which a licensed professional land surveyor does. This is a commonly used term in the real estate industry in Colorado, which is used to denote the process of research and disclosure regarding the purchase or to invest in a property.
The lenders order this survey for title insurance, which is essential for all real estate transactions. This isn’t like a regular survey and has to meet strict requirements initiated by the American Land Title Association (ALTA). Many parts of an inspection, like title, legal, finance, design, and development, rely on the ALTA land title survey. Here are some frequently asked questions regarding the ALTA land title survey.
What are the Standards of the ALTA Land Title Survey?
The practice of land surveying is different in different parts of the United States. There is a vast difference in professional standards in dissimilarities exist between countries. The ALTA Survey is widely different among countries; even Colorado has its own set of rules.
The financial institution recognized the need for a consistent national standard for conveying issues in financing. In 1962, the American Land Title Association, along with the American Congress of Surveying and Mapping, made many rules and standards that could be relied upon by lenders worldwide. Those standards have been revisited and modified at least eight times till now.
What Is It?
An ALTA survey is done to provide the lenders and a title company with the survey and location data necessary, which will help issue an American Land Title Association extended insurance coverage. It is highly customized work that is made in a way that can satisfy the need of lenders and title companies. It also includes dealing with commercial, institutional, and industrial properties. Each survey is a unique blend of standard specifications and selected optional items.
Are You Supposed to Choose an ALTA Broker?
Over the last few decades, many different companies have started to provide ALTA land surveys all over Colorado. They are called the ALTA survey brokers, and their main aim is to earn money by being the middleman between clients and local land surveyors. Many telemarketing sales look for large corporate accounts and match them with low-bid practitioners. The clients then get hold of a land surveyor who will conduct the work on the ground.
What Is New After Revision?
The 2011 revision is a significant update that reflects recent development in the best practices for ALTA land surveying. This revision ensures minimum square error analysis and makes way for new technologies in aerial mapping.
Get It from the Best
Now that you know the ALTA survey, you should get it done from the best. Carroll Surveying and Mapping is a professional surveying company that has been in this field for more than 20 years. Call to request your survey today.