Involved In A Real Estate Transaction? Why You Need To Obtain An ALTA Land Survey
Posted on: 23 March 2018
When you purchase real estate, it isn't always necessary to have the land surveyed. Sometimes it's possible to just go with the information that's provided by the title search and tax records. However, there are other times when you simply can't do without a detailed land survey. For those times, you need to ensure that you obtain an ALTA land survey. Unlike other surveys, the ALTA survey will provide you with all the information you need, including where all the improvements have been made. Here are four situations when an ALTA survey is crucial.
You Need Exact Details on the Boundary Lines
When you purchase a home, and all the fencing is already in place, you tend to assume that those are the boundary lines. In most cases, those assumptions will serve you well. However, there may be times when you need the exact details on the boundary lines for your property, such as when you want to build an addition onto your home, your neighbors are disputing the property lines, or the city wants to take a portion of your property. For those moments, you've got to invest in an ALTA land survey.
The Property You're Buying has Been Divided
When it comes to vacant property, it's not uncommon for it to be split up into smaller parcels. However, each time the property is divided, there's a chance that the boundary lines will be incorrect. If you're going to be purchasing a parcel of land that has been divided, you need to make sure the boundary lines are right. Failing to do so could come back to cause you problems later on. Once you have the actual boundary lines, it's a good idea to fence the property. That way, you have a clear line of delineation for the next people who purchase one of the neighboring parcels.
You're Purchasing Commercial Property
If you're going to be purchasing commercial property, you're going to need an ALTA survey. Your survey will provide you with a clear picture of easements, potential claims against the property, or other risks that you might want to avoid. It will also ensure that you're property is free from encumbrances that could interfere with the transfer.
The Property You're Buying has Been Involved in a Prior Dispute
If you're going to be purchasing property that has been involved in prior disputes, you owe it to yourself to obtain an ALTA land survey. The survey will ensure that the prior disputes were handled properly and that you're purchasing land that is free and clear of of potential disputes in the future.
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