An ALTA / ACSM survey is a picture of the property. The ALTA / ACSM Survey incorporates many elements to alleviate the concerns of multiple parties involved in a property transaction. These elements include:
- The surveyor’s findings about the property boundaries,
- The easements and exceptions to coverage cited in the title commitment, and
- The improvements and utilities within the insured property.
The ALTA / ACSM should depict the following:
- Boundary line conflicts with adjoining properties;
- Encroachments onto and from adjoining properties;
- Rights of third parties onto the property usually in the form of easements, leases or other encumbrances;
- The contiguity, or lack thereof, of multiple parcels that combine to form the property, and
- Access to public highways.
A current title commitment or report must be provided before an ALTA / ACSM survey is completed because an ALTA / ACSM survey is based upon the title commitment. The commitment states the limits of the property being surveyed and the easements of record that affect the land. The survey verifies the legal description of the dimensional correctness with adjoining deeds and easements of the commitment that affect the lands. It also displays encroachments (uses that cross boundaries).
- When you may need this type of service
- When purchasing commercial real estate
- When securing financing with commercial property
- When you request an extended title insurance policy
- When developing or improving a property