An ALTA Survey, now known as an ALTA/NSPS survey, is a vital requirement for property owners in Oregon and Washington who are seeking a mortgage and title insurance for their property. A collaboration between the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS), the survey provides specific requirements for real estate transactions.

Reasons to get an ALTA/NSPS Survey

Title Insurance

Title insurance companies often require an ALTA/NSPS survey before issuing title insurance policies. This survey plays a crucial role in mitigating risk for the insurance company and ensuring the accuracy of the title insurance coverage. By thoroughly examining the property boundaries and any potential risks, the survey provides essential information for the insurance company to assess and resolve any title-related issues.

Lender Requirements

In addition to title insurance requirements, lenders frequently demand an ALTA/NSPS survey as a condition for providing financing. This survey serves as a valuable tool for lenders to evaluate the property’s value and understand any potential risks associated with it. By providing a comprehensive view of the property and its boundaries, the survey aids lenders in making well-informed decisions about financing the property.

Real Estate Transactions

For real estate transactions, especially those involving commercial properties or high-value transactions, an ALTA/NSPS survey is commonly completed as part of the due diligence process. The information derived from this survey is crucial for both buyers and lenders to make informed decisions regarding the property. By analyzing the property’s boundaries, potential risks, and any encumbrances or easements, buyers and lenders can identify any issues or concerns that may impact their investment or financing decision.

Boundary Disputes and Resolutions

An ALTA/NSPS survey is also relevant in the context of boundary disputes and resolutions among neighboring property owners. Uncertainties and misunderstandings about property lines can often lead to disputes. By providing an objective and clear depiction of the actual property line, the ALTA/NSPS survey helps resolve any disputes by providing a reliable and accurate measure of boundary lines.

Development and Construction

Furthermore, when it comes to development and construction projects, ALTA/NSPS surveys play a critical role. These surveys identify existing improvements, utilities, easements, and other relevant features that need to be considered during the design and planning stages. By providing detailed information about the property, the survey aids in site analysis and feasibility studies, ensuring that any potential limitations or issues are taken into account during the project planning phase.

What is an ALTA/NSPS Survey?

An ALTA/NSPS survey, previously known as an ATLA/ACMS survey, is a specialized land survey that provides detailed information about a property. It goes beyond simply showing the boundary lines and includes improvements, easements, and other important details. The survey is essential for property buyers, sellers, lenders, and title companies to ensure a smooth and secure real estate transaction.

During an ALTA/NSPS survey, a professional land surveyor collects various data points about the property, including neighboring properties, buildings, structures, fences, roads, utility lines, and any easements or rights-of-way. Lenders and title companies typically require an ALTA/NSPS survey during a real estate transaction.

If you need an ALTA/NSPS survey in the Portland Metropolitan Area of Oregon or Washington, our team of professional land surveyors is ready to assist you.