ALTA Survey Guide for Real Estate Attorneys, Brokers and Title Companies
Online, March 4, 2011 (Newswire.com) - The ALTA/ACSM land title survey "ALTA Survey" is often an important component of the commercial real estate transaction. But what is an ALTA Survey and how is it different from a typical survey?
Every owner's title policy contains general exceptions. These exceptions are "general" because they apply to all property.
1) Rights or claims of parties in possession not shown by the public records.
2) Encroachments, overlaps, boundary line disputes, or other matters that would be disclosed by an accurate survey and inspection of the premises.
3) Easements, or claims of easements, not shown by the public record.
4) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records.
5) Taxes or special assessments that are not shown as existing liens by the public records.
"Extended Coverage" is a term which refers to the removal of one or more of these general exceptions. An ALTA Survey is required when the owner or lender seeks to waive these general exceptions. In complex commercial real estate transactions such as apartment complexes, shopping centers, industrial parks, etc. most title companies will require an ALTA survey when asked to extend coverage.
The 2011 ALTA/ACSM Land Title Survey Minimum Standards went into effect February twenty-third of this year. Smith Roberts National Corporation was one of the first to create a series of presentations and offer resources for download on our website to educate our clients on the New 2011 ALTA/ACSM requirements.
http://www.smith-roberts.com/2011-ALTA-ACSM-Land-Title-Survey.html
All surveys performed or coordinated by Smith-Roberts comply with the current Minimum Standard Detail Requirements as adopted by NSPS and ALTA.
About Smith- Roberts National Corporation
SRN is a nationwide coordinator of ALTA surveys and has been providing clients with timely and cost effective surveys since 1981. Make sure your ALTA survey is compliant with the new 2011 ALTA/ACSM Requirements. Our professional staff will gladly provide a free project quote. Simply submit a quick quote online or call.
For more information - please visit http://www.smith-roberts.com
info@smith-roberts.com
Cliff Stout, PE., PLS at 800- 411-2010
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Oklahoma City, Oklahoma 73104
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