Thinking Of Buying A Large Commercial Property? Why An ALTA Survey May Be In Order
Posted on: 20 March 2017Share
If you recently decided that it is time to purchase yourself a large commercial property, either to expand your business or start a new one, there are many different factors that you will need to consider in the process. However, one of the factors that will be important when you are seeking out financing for the property as well as insurance, future building permits, and the like, is to get the land surveyed. There are different types of land surveys that can be performed on commercial properties. One of those survey options is known as an ALTA survey. Learn some of the reasons you may need an ALTA survey so you can determine if this is the right choice for you.
ALTA Surveys Have Set And Determined Standards To Abide By
One of the major benefits of ALTA surveys is the fact that these particular land surveys abide by set and universal standards that other types of surveys do not require. This means that no matter where in the country your potential investment is located, you can expect the same level of quality from an ALTA survey.
Basic boundary surveys or other land survey options may not be so uniform. ALTA stands for the American Land Title Association and they are an organization that employs and trains ALTA surveyors to ensure they follow the necessary standards and guidelines to provide accurate documentation and information to you and your financial and insurance institutions in the survey report.
ALTA Surveys Provide More Details Than Most Other Land Surveys
Another benefit of a ALTA survey is the fact that it provides more information and details regarding the commercial property you wish to purchase. These details do not only indicate and define the boundaries of the commercial land you intend to purchase, but also provide further information about both the buildings and the land itself.
Encroachments and entitlements are two types of details included in ALTA surveys. Encroachments occur when a building intrudes upon lands owned by another person or company while entitlements indicate what types of buildings can be built on a given plot of land.
Easements are also included in an ALTA survey report.These are land use grants that allow a person or entity to use land while the ownership of that land is retained by the original owner. Other details included in ALTA surveys include improvements made to buildings and to the land, flood zone classification, and other land classifications.
With these factors in mind, you can be sure that you are choosing the right type of land survey for your needs.