Are you a prospective commercial developer seeking a loan for your new property? There are many terms and concepts you’ll need to be familiar with to help create a smooth lending process from your end. One such process to be aware of is the ALTA title survey, which will be performed by the surveying company you hire in Mobile, AL.
What Is an ALTA Title Survey?
ALTA is the acronym for American Land Title Association. ALTA determines the data that your surveying company needs to include when performing the ALTA title survey. The ALTA title survey is essential to the commercial development process. Its purpose is to show the boundary for your property in map form, as well as any improvements, encumbrances and easements. It may also take into account utilities and landscaped areas on your property that your tenant may need or request.
Why Do I Need It for Commercial Lending and Transactions?
You’ll need the ALTA survey to be completed when working with a commercial lender for a property loan. Having an accurate and thorough ALTA title survey gives the commercial lending company you are approaching a full picture of the property you are developing, including the details of how much space you need and how all space will be used.
The survey also provides information about who else has access to use the land and for what purpose (such as if the local water company will be running pipes that extend underneath your property).
The commercial lender will be better able to determine whether you are the right candidate for a commercial loan when you present well thought out information, both as it relates to your own goals for how your space will be developed and used and the necessary property details recorded and presented by your surveying company.
You will also present the ALTA title survey that the surveying company you are working with completes to your title company or lender. The title company reviews the ALTA survey when issuing you a title or mortgage insurance for your new property.
What Other Information Will I Need from My Surveyor?
In addition, a commercial lender will be looking to be sure that your property adheres to local zoning requirements. The surveying company should also review these requirements for your local area with you so that you understand how to approach the management and building of your property.
Among other information, the zoning report that you will need to adhere to will address how your property will conform to local zoning requirements when it comes to the modifications that can be made to the property to make it suitable for a tenant’s use.
If you’re beginning the commercial lending research process, you want a trusted surveying company on your side to help ensure that your building process goes as smoothly as possible. In turn, this will aid you in moving through the lending process with ease.
If you’re in need of surveying in Mobile, AL, you can rely on the team of knowledgeable experts at Polysurveying & Engineering. Our surveyors and engineers specialize in both commercial and residential projects and are dedicated to creating solutions that solve problems and meet deadlines.
Categorised in: Commercial Surveying
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