3 Things You Need To Know About Purchasing A Vacant Lot & Surveying It

Posted on: 27 July 2016

If you are purchasing a vacant lot, it is important that you have the lot surveyed before you finalize the purchase. Here are three things that you need to know about having your land surveyec when you are purchasing a vacant lot.

#1 You Need An ALTA Survey

There are numerous types of surveys that a surveyor could prepare for you. You are going to need an ALTA survey, which stands for American Land Title Association, which is an organization that sets the standard for surveys.

Specifically, an ALTA survey is designed to show you where your properly boundaries are legally located. Additionally, ALTA surveys are designed to show you where any easements, rights-of-ways, encroachments and improvements are located on your property. You need to know this information because that vacant land you are interested in may not be quite as vacant as it seems. Perhaps the neighbors have rights-of-way that allow them to run their driveway across your land, and they are not legally required to move it regardless of your plans for the area. Or perhaps someone has an easement on your land that allows them to have a well and access to the well on your property.

#2 You Need A Title Commitment

You cannot just hire someone to do a survey whenever you feel like it. If you are in the process of purchasing a vacant lot of land, you need to have a title commitment before the surveyor is legally allowed to survey the land for you. You will receive a title commitment from the title insurance company that states that they will ensure the title after you have purchased the property. This document is also supposed to contain all the necessary information that the surveyor will need to complete their assessment of the property.

#3 How An ATLA Survey Helps You

Getting an ALTA survey done will let you know what claims other people legally have on the property that you are interested in, and will verify the boundaries of the vacant lot that you have been shown are accurate. This allows you to verify that the property you are purchasing has been presented to you correctly and ensures that you have all the information you need to know about the property's legal boundaries and other individual's rights to the property before you go through with the final purchase. Depending on the results of the ATLA survey, you may decide to go through with the process or withdraw your purchasing offer. Contact a company like Crest Engineering Associates for more information.