Navigating The CRE Waters: Why You Need An ALTA Survey
Are you considering a commercial real estate (CRE) transaction in Oklahoma? If so, a survey is an essential tool to ensure the success of your transaction. An ALTA/NSPS Land Title Survey is a specialized survey that provides detailed information about a property's boundaries, easements, zoning and other essential features. It's a comprehensive survey performed according to a set of standards established by ALTA and NSPS.
An ALTA survey can help identify potential issues impacting the property's value or intended use, such as encroachments, easements or other restrictions. It's crucial to work with a professional surveyor who has experience performing these specialized surveys to ensure the accuracy and completeness of the survey.
What On Earth Is An ALTA Survey, And Why Do You Need One?
Surveyors use ALTA surveys, a specialized type of land survey for commercial transactions. The American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS) establish standards that surveyors follow when performing ALTA surveys.
These surveys provide a detailed picture of a property's boundaries, improvements, easements and other relevant features.
A licensed surveyor typically prepares the survey following stringent guidelines to ensure accuracy and completeness.
ALTA Surveys: When "Good Enough" Isn't Good Enough
You may need an ALTA survey if you're involved in a CRE transaction in Oklahoma. Specifically, lenders or title insurers often require an ALTA survey if you are purchasing or financing a commercial property.
When purchasing vacant land, professionals recommend an ALTA survey as it offers a comprehensive view of the property's boundaries and can identify potential issues that may impact its value or intended use.
As mentioned above, this survey is valuable for identifying potential issues affecting the property's value or intended use. For example, the survey may reveal encroachments, easements or other restrictions that could impact the property's ability to be developed or used in a specific way. Identifying potential boundary disputes, which can be costly and time-consuming to resolve, is another way in which the survey can be helpful.
Get Your ALTA Together: Zoning Reports And All
Regarding item 6a of an ALTA survey, the zoning report is critical. Zoning regulations can significantly impact the value and use of a property. For example, if a property is zoned for residential use, building a commercial property on the site may not be possible. Conversely, if the property has commercial zoning, there may be limitations on the types of businesses that one can establish on the site or the height and size of buildings they can build.
An ALTA survey service with item 6a provides detailed information on the zoning classification, setback requirements and other zoning-related details that may impact the property. This information is essential for developers, investors and lenders who must understand the property's potential uses and value.
Item 6b of the survey is also critical for any CRE transaction. This item addresses issues related to access to the property. Access issues can be a significant problem for commercial properties, mainly if some encroachments or easements impact the property's ability to be used or developed.
An ALTA survey with item 6b provides information on the property's access to public roads and any access-related issues. This information is vital for developers, who must ensure that potential customers, suppliers and employees can access the property. It is also essential for lenders who need to understand the property's access to public roads to determine the property's value and lending risk.
In addition to items 6a and 6b, the survey may also include other items that address specific issues related to the property. For example, item 9 may provide information on boundary disputes or overlaps with adjacent properties, while item 10 may provide details on any utility lines or easements that run through the property.
Don't Get Lost In Your CRE Transaction: Hire A Pro For Your ALTA Survey
While such a survey can provide valuable information for your CRE transaction, working with a professional surveyor with experience performing these specialized surveys is essential. Here are some benefits of working with a professional surveyor for your ALTA survey:
Spot-On Results:
An ALTA requires high accuracy to ensure the survey is complete and reliable. A professional surveyor has the training, expertise and equipment to produce accurate survey results that meet the ALTA standards.
Rules Are Made to Be Followed:
The surveyor must perform the ALTA survey according to the strict guidelines established by the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS). A professional surveyor understands these guidelines and can ensure that your survey meets all the requirements.
The Pro Touch:
A professional surveyor has experience performing the surveys and understands the complexities involved in these specialized surveys. They can identify potential issues and provide valuable insights to help you make informed decisions about your CRE transaction.
Cover Your Assets:
It can help protect you legally by identifying potential issues that may impact the property's value or intended use. By working with a professional surveyor, you can be confident that your survey results are reliable and accurate, which can help protect you from future legal disputes or liability issues.
Contact Us Today For Accurate And Reliable ALTA Surveys!
Carroll Surveying and Mapping is a leading surveying and mapping firm with extensive experience performing ALTA surveys in Oklahoma. Suppose you're involved in a CRE transaction in Oklahoma. In that case, working with a licensed surveyor who is familiar with the state's regulations and can provide you with a comprehensive and accurate ALTA survey is essential.