If you are looking to construct a commercial building, or are looking to expand upon a structure that is already in place, you may be looking to buy a plot of land designated for commercial use. However, before you invest money into that plot, you may be thinking about having an ALTA survey done. An ALTA survey can provide you with a lot of information about the land, such as where exactly your property lines are, if there are utility features on the land, whether there are any easements or encumbrances or even if any of the neighbors are over their land and using the land you are thinking of buying. Learning the pros and cons of having an ALTA survey done will help you decide if this is something you should invest in before making an offer or buying a commercial plot of land.
The Cons of Having an ALTA Survey Done Before Buying a Commercial Plot of Land
- Can Be Expensive
One of the biggest disadvantages to an ALTA survey is that they can be expensive. If you are looking to determine where your boundaries are, a boundary survey can help you determine this information. If you are trying to determine the layout of the land you are looking to buy, a land survey may tell you this information. Both of these types of surveys are considerably cheaper than an ALTA survey. While an ALTA survey provides you with more information than these other types of surveys, it simply may not fit in some people's budgets.
- Can Take Time to Complete
The other downside to an ALTA survey is that it takes time to complete. The surveying company has to pull property records, utility records and a survey the land. This can take weeks or even months to complete. If other people have offers in on the land, you may miss out on it if you are waiting for an ALTA survey before making an offer.
The Pros of Having an ALTA Survey Done Before Buying a Commercial Plot of Land
- Provides You With the Most Information About the Land
The biggest benefit to an ALTA surveys is that it provides you with the most information about the land and property. Most people consider an ALTA survey to be the gold standard of all land surveys. If you want to learn everything there is to know about the land, this is the type of survey you will want.
- Helps Prevent Legal Issues or Delays
The other advantage to having an ALTA survey done is that it can help to prevent legal issues or delays when you are ready to begin construction. You have all of the information you need to prove the land is zoned for commercial use, where your boundaries are and where utilities are located. This helps you move forward with your project quickly.
While an ALTA survey can be pricey, it helps you to glean a lot of information about the land you are buying. If you have the money and the time, it is advised that you have an ALTA survey done to ensure the land is suitable for what you are buying it for and to help ensure you do not encounter any delays with your construction project.Share