Both an American Land Trust Association (ALTA) survey and a boundary survey can tell a prospective buyer or the current owner a lot about a property. However, depending on your specific needs, it may make sense to choose one over the other when it’s time to conduct a survey. In today’s blog, we take a closer look at the differences between an ALTA survey and a boundary survey and explain when you may choose one over the other.
Comparing ALTA Surveys And Boundary Surveys
Let’s jump right into it and explain what each of these surveys entail so that you can understand how the surveys are different:
ALTA Survey
An ALTA survey is considered the gold standard of surveys because it provides the most information about a property. An ALTA survey will tell you things like:
These are all standard on an ALTA survey, but depending on the specifics of the property and your needs, additional information can be obtained through these surveys. You can learn whether or not a property is in a flood zone, wetland locations, building heights, utility locations, number of parking spaces available on a commercial lot, the location of monuments on the property and more. Not surprisingly, an ALTA survey is typically more time consuming and expensive than a boundary survey.
Boundary Survey
A boundary survey will locate and describe the property lines and corners, as well as the area located within this perimeter. You’re not going to learn a bunch of different facts about a property with a boundary survey, but if you’re simply interested in knowing exactly where one property starts and the other ends, this is the survey for you. It can be completed rather quickly and for a pretty reasonable flat fee.
Another way to differentiate between an ALTA survey and a boundary survey is by looking at who would order each, and for what purpose. An ALTA is typically required by a financial institution or a title company during the process of a sale, as they’ll want to use this information to ensure their loan or title insurance policy is protected. They are almost always required as part of a commercial sale prior to closing.
As for a boundary survey, this is typically something that is ordered by a property owner before making improvements on their land. For example, a property owner may order a boundary survey to ensure they know exactly where an outbuilding can be erected or a fence can be installed on their property.
We specialize in performing ALTA surveys for our clients who want to learn more about a prospective property and move forward knowing that they are not going to be in for any unwelcome surprises. To learn more about commercial surveys and protecting your investment, connect with the team at Commercial Partners today at (612) 337-2470.