What Is an ALTA/NSPS Land Title Survey and When Is It Needed?
Commercial real estate transactions often involve several layers of research, documentation, and due diligence. One important part of that process may be an ALTA/NSPS Land Title Survey.
These surveys provide detailed information about a property and help buyers, lenders, title companies, attorneys, and other parties better understand potential property-related concerns before a transaction is completed.
What Is an ALTA/NSPS Land Title Survey?
An ALTA/NSPS Land Title Survey follows standards established by the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS).
Unlike a basic survey that may primarily establish property boundaries, an ALTA survey provides a more detailed view of the property. The information can help identify items that may affect ownership, development, financing, or future use.
Depending on the property and scope of the survey, it may identify features such as:
Property boundary lines
Easements
Rights-of-way
Buildings and other improvements
Access points
Encroachments
Utilities
Certain zoning-related information
Other features affecting the property
Because commercial properties can involve complicated ownership and development considerations, having accurate property information can be valuable before closing.
When Is an ALTA Survey Needed?
ALTA surveys are commonly associated with commercial real estate transactions.
A lender or title company may request one before financing or insuring a property. Buyers and developers may also use the information during the due diligence process.
An ALTA survey may be especially helpful when purchasing a property with multiple buildings, easements, access concerns, neighboring developments, or other features that could affect how the land can be used.
Why Does the Survey Matter?
Property records do not always tell the entire story.
For example, an existing fence, driveway, utility line, or building improvement may not perfectly match the boundaries or information shown in older records.
A detailed survey helps the parties involved better understand what is physically located on the property and how that information relates to title documents.
Identifying these concerns earlier in the process can help buyers and their professional teams make more informed decisions.
ALTA Survey Coordination
Commercial transactions often involve several different parties working under tight deadlines. Survey coordination helps keep communication, documentation, and project requirements organized throughout the process.
Proper coordination can help ensure the surveyor receives the necessary title information, requirements, and requested survey items.
For companies managing multiple properties or transactions across different markets, having a consistent coordination process can also make due diligence easier to manage.
Planning a Commercial Property Transaction?
An ALTA/NSPS Land Title Survey can provide important information about a commercial property before a transaction moves forward.
Understanding what is included, what information is required, and how the survey fits into the larger due diligence process can help make commercial real estate transactions more organized and informed.
Pixis provides ALTA land survey coordination to help keep the survey process moving and ensure the parties involved have the information needed for the transaction.
