Types Of Surveys For Buying Property Or Building On It
Before you buy or build on a piece of land, whether it's for commercial or residential purposes, you'll need to have a survey done. There are different types of surveys that provide different types of information. The most thorough of those is the ALTA survey. Here's a look at the information an ALTA survey provides and how it compares to other survey options.
Information Provided By An ALTA Survey
An ALTA survey can be done for both residential and commercial construction, but it is done most frequently on commercial properties. This type of survey is often required to obtain a commercial mortgage. This survey identifies boundaries, encroachments, elevation, and easements. In addition to physical measurements, the survey includes a history check of the property use. This comprehensive survey ensures you know everything there is to know before you buy an existing property or vacant land.
Information Provided By Other Types Of Surveys
An ALTA survey provides so much information that it may be more than you need for certain applications. For instance, if you want a survey before putting up a new fence, then a boundary survey is all you need. This survey locates your property boundaries and marks them so you can avoid boundary line disputes with a neighbor. A boundary survey provides just a fraction of the information obtained during an ALTA survey.
Another survey you might need is a mortgage survey. Mortgage lenders usually require a survey of some sort as a condition of getting a loan. An ALTA survey serves this purpose, but depending on the lender, a simple mortgage survey might suffice; however, an ALTA survey might be needed for a commercial loan or a loan for vacant land. A mortgage survey supplies basic information such as boundary lines, locations of buildings on the property, and setback areas.
If you're buying a vacant tract of land, you might also want a topographic survey. This survey uses GPS coordinates to create a map of the elevations of your property. You might want this information to know how water drains and where the best place to sink a well is. This type of survey lets you know if the property is suited for your purposes, and it helps the land developer determine the best way to prepare the land for construction.
A land surveyor can help you determine the right survey for your needs. A common choice for making property improvements on your current residential lot is a simple boundary survey. If you need more information about the land before you buy it or develop it, then an ALTA survey is the best choice since it provides all the information you need to make informed decisions before buying or building.
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