21 Jan
An ALTA Survey, short for an American Land Title Association Survey, is a detailed land survey designed to meet the specific requirements of title companies and lenders. These surveys provide critical information about property boundaries, easements, encroachments, and other elements that could impact ownership or development. ALTA Surveys are most commonly required in commercial real estate transactions to ensure that buyers, lenders, and title insurers have a clear and comprehensive understanding of the property.
At Latitude Commercial, we frequently encounter the need for ALTA Surveys as part of our commercial real estate transactions. Whether our clients are buying, selling, or leasing property, understanding the intricacies of a property’s boundaries and potential encroachments is essential for smooth and successful deals.
ALTA stands for the American Land Title Association, an organization established to improve the standards and accuracy of land title and surveying practices. The ALTA Survey was developed in conjunction with the National Society of Professional Surveyors (NSPS) to create uniform standards that meet the needs of real estate transactions across the United States.
An ALTA Survey focuses on identifying the property’s legal boundaries, easements, zoning classifications, and other critical features needed for title insurance and transaction purposes. On the other hand, an As-Built Survey is conducted after construction is completed to verify that the physical improvements, such as buildings, utilities, and landscaping, align with the approved plans and legal boundaries.
For developers and property managers, both types of surveys are essential at different stages. Latitude Commercial assists clients in understanding when an ALTA Survey or an As-Built Survey is necessary to protect their investments and comply with regulations.
While an ALTA Survey is concerned with property boundaries, ownership details, and title issues, a Topographic Survey focuses on the land’s physical features. This includes contours, elevations, natural features, and man-made structures. Topographic Surveys are typically used in planning and development to understand the terrain and how it might impact construction.
For commercial property developments in areas like Indiana and Illinois, where Latitude Commercial operates, these surveys are often complementary. Developers may need a Topographic Survey for site planning and an ALTA Survey to address title concerns.
Commercial real estate transactions involve significant investments, and ensuring that there are no surprises about a property’s boundaries, encroachments, or easements is vital. An ALTA Survey provides:
At Latitude Commercial, we prioritize due diligence in every transaction. Partnering with title companies and surveyors to provide accurate ALTA Surveys is just one way we ensure our clients’ interests are protected.
ALTA Surveys are typically required in the following scenarios:
If you’re navigating a commercial real estate transaction or development project, Latitude Commercial can help connect you with trusted professionals who specialize in ALTA Surveys, ensuring a seamless process from start to finish.
Understanding the nuances of ALTA Surveys is crucial for any commercial real estate endeavor. These surveys provide the detailed, standardized information necessary to protect buyers, sellers, lenders, and developers from unforeseen complications.
Latitude Commercial is here to support you at every stage of your real estate journey. From ensuring proper surveys to guiding you through buying, selling, or leasing commercial properties, we bring local expertise and cutting-edge technology to make your transaction a success. Contact us today to learn more about how we can assist with your commercial real estate needs.
Latitude Commercial provides commercial real estate services such as purchasing, leasing, landlord representation, tenant representation, and commercial property management throughout the states of Illinois and Indiana. To find out how we can help you, call us today at (219) 864-0200.
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