When it comes to land development, property purchase, or refinancing, an ALTA survey can be a crucial step in ensuring the process goes smoothly. Especially in regions like Nashville, TN, where real estate is booming, understanding the importance of an ALTA survey can save you from potential legal disputes and unforeseen costs.
Here are three reasons why you might need an ALTA survey.
What is an Alta Survey?
An ALTA (American Land Title Association) survey is a comprehensive boundary survey that adheres to the standards set by the ALTA and the American Congress on Surveying and Mapping (ACSM). It provides a detailed map of the property, showcasing its boundaries, improvements, easements, rights-of-way, and other significant elements.
Unlike a basic boundary survey, an ALTA survey provides a more in-depth look at a property, making it essential for commercial transactions.
Avoid Boundary Disputes
One of the primary reasons to get an ALTA survey is to avoid potential boundary disputes. With the detailed information provided by the survey, property owners, buyers, and developers can have a clear understanding of where the property lines lie. This can prevent potential conflicts with neighboring properties, ensuring that any development or improvements made are within the rightful boundaries.
In areas like Nashville, where property values are high, a minor boundary dispute can lead to significant financial implications.
Purchasing Vacant Land
When buying vacant land, especially for commercial development, it’s essential to have a clear understanding of what you’re purchasing. An ALTA survey provides a detailed overview of the land, including any easements, encroachments, or other potential issues that might not be evident at first glance. This ensures that buyers are fully informed and can make a purchase decision with confidence. It also helps in planning the development, ensuring that all structures and improvements are built in the right places.
Our team at Chastain-Skillman will provide an ALTA/NSPS survey for Stacker Building Group in Franklin, TN. Learn more about our project!
Requirements From Lenders and Title Insurers
Most commercial lenders and title insurers require an ALTA survey before finalizing a transaction. This is because the survey provides them with a detailed look at the property, ensuring that there are no hidden issues that might affect the property’s value or the security of their investment.
By having an ALTA survey done, property buyers and developers can streamline the lending and insurance process, ensuring that there are no unexpected delays or costs.
Nashville ALTA Surveys
In a growing city like Nashville, TN, where real estate transactions are frequent, and the stakes are high, ensuring that you have all the necessary information about a property is crucial. An ALTA survey can provide that peace of mind.
If you’re in need of an ALTA survey in Nashville, TN, look no further than Chastain-Skillman. With our expertise and commitment to excellence, you can be confident in the accuracy and thoroughness of the survey you receive.
Whether you’re buying, developing, or refinancing a property, an ALTA survey is an essential step in the process. Ensure you’re making informed decisions and safeguarding your investments by getting a comprehensive survey from trusted professionals.