Lenders often require an ALTA survey* in connection with their financing of a real estate purchase. However, even if the purchase is not being financed, or the lender doesn’t require an ALTA survey, every buyer of commercial property should strongly consider having one done.
Why? Here’s just a few of the reasons:
*An ALTA survey is a land survey performed to the standards adopted by the American Land Title Association (ALTA) and the American Congress on Surveying and Mapping (ASCM). The standards, formally known as the as the “Minimum Standard Detail Requirements for ALTA/ACSM Surveys”, were first adopted in 1968 and last revised in 2011. The ALTA standards include minimum standards that must be included on all ALTA surveys as well as optional “Table A” items that can be selected for inclusion. The standards can be found at www.acsm.net and www.alta.org.