The Benefits of Utilizing ALTA/NSPS Surveys for Commercial and Residential Property Transactions

The Benefits of Utilizing ALTA/NSPS Surveys for Commercial and Residential Property Transactions

The American Land Title Association (ALTA) and National Society of Professional Surveyors (NSPS) surveys are increasingly becoming the industry standard for commercial and residential property transactions. ALTA/NSPS surveys provide a comprehensive understanding of a property’s boundaries, features, and other important information. The survey is a vital part of the overall process of buying, selling, and managing a property.

What is an ALTA/NSPS Survey?

An ALTA/NSPS survey is a specialized mapping service that provides an up-to-date and accurate representation of the boundaries, features, and other important information about a property. The survey is conducted by a professional surveyor and often includes a written legal description of the property and a certificate of accuracy. The survey is used to confirm the boundaries of a property, identify any encroachments or access issues, and provide a record for title insurance.

Benefits of an ALTA/NSPS Survey

There are many benefits to utilizing an ALTA/NSPS survey for commercial and residential property transactions.

First, an ALTA/NSPS survey provides an accurate representation of the boundaries of the property. The survey will identify any potential encroachments or access issues and provide a legal description of the property. This information is essential for determining the value of the property and ensuring that the purchase or sale of the property is completed in compliance with local regulations.

Second, an ALTA/NSPS survey can be used to identify potential hazards or environmental issues that may affect the property. The survey will note any potential hazards such as underground storage tanks or hazardous waste, and provide the necessary information for addressing any issues.

Third, an ALTA/NSPS survey can be used to determine the value of the property. The survey will provide a detailed description of the property and its features, which can be used to calculate the property’s value. This information is critical for both buyers and sellers to determine a fair price for the property.

Finally, an ALTA/NSPS survey is essential for obtaining title insurance. The survey will provide a comprehensive description of the property and its boundaries, which is necessary to obtain title insurance. Title insurance provides protection for the buyer and seller in the event of any disputes that may arise from the purchase or sale of the property.

Conclusion

The ALTA/NSPS survey is an essential part of the process of buying, selling, and managing a property. The survey provides a comprehensive understanding of the property’s boundaries, features, and other important information, which is essential for determining the value of the property and obtaining title insurance. The benefits of utilizing an ALTA/NSPS survey for commercial and residential property transactions are numerous, and every property transaction should include an ALTA/NSPS survey.