ALTA & ACSM Land Title Survey for Retail Shopping Centers

ALTA/ACSM Land Title Survey for Retail Shopping Centers

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• The ALTA/ACSM land title survey “ALTA Survey” is often an important component of the commercial real estate transaction.

• Title insurance plays a critical role in protecting lender and purchaser investments. In fact, most commercial real estate transactions require title insurance. • Title Insurance firms rely upon a current and accurate land title survey of the property based on the new 2011 ALTA standards.



• Retail Shopping Centers are very complex sites with lots of moving parts and preparing a survey of them is as equally complex. • The typical shopping mall will have multiple tenants and in many cases, several owners.

• The surveyor of this type of property will need to show the limits of ownership for each owner and review and reflect the multitude of easements that are designed to give everyone good physical access, adequate parking and proper signage.



• An ALTA Survey will reflect those things and communicate the findings to the owner or purchaser via the survey.

• Many of the easements and descriptions have been created by people other than surveyors and may disclose the intent but contain many errors.



• Once the survey is complete the surveyor will be able to assist in correcting any error that is noted, giving the property owner clear and marketable title to the portion being purchased or refinanced. • In addition, new easements may need to be created depending on the needs of potential tenants or the desire of the buyer.



• Shopping center owners have also been known to try to increase the value of their investment by creating additional lots (or out lots).

• There are many things to be considered prior to creating new lots within a shopping center setting. Many of those questions can be answered by obtaining a survey. • Most owners will want to know if they use excess parking to build new buildings will the original development still be in compliance with current zoning codes etc.

• These are items to work with the governing authority. However, prior to any discussions, a current survey will be necessary.



• ALTA Survey provided by Smith-Roberts National Corporation and will briefly explain the important parts of the survey. • SRN has made this New York ALTA Survey sample available for your ready reference and download. • We encourage you to download it and please do contact us if you have any questions. • Smith-Roberts National Corporation specializes in coordinating and reviewing Land Title Surveys for multi-site and multi-state real estate transactions. • We are staffed by Professional Land Surveyors who are trained to address survey and title issues prior to closing and during the due diligence period.

The following example is a recent -



Sample ALTA/ACSM Land Title Survey For a Shopping Center



Sample ALTA/ACSM Land Title Survey For a Shopping Center

Location: Walden Avenue - Site No. 43341746 Walden AvenueCheektowaga, Erie County, New York

Town/CountyTown of Cheektowaga, County of Erie and State of New York



GENERAL SURVEY NOTES :

1 The Basis of Bearings for this survey is NAD83 New York State Plane.

2 Utility Note: • The underground utilities shown have been located from field survey Information and existing drawings.• The surveyor makes no guarantee that the underground utilities shown comprise all such utilities in the area, either in service or abandoned. • The surveyor further does not warrant that the underground utilities shown are in the exact location indicated although he does certify that they are located as accurately as possible from information available. • The surveyor has not physically located the underground utilities.



3 This survey was made in accordance with laws and/or Minimum Standards of the State of New York.

4 The property described hereon is the same as the property described in Chicago Title Insurance Company Commitment No. 1113-25044 with an effective date of January 31, 2011 and that all easements, covenants and restrictions referenced in said title commitment or apparent from a physical inspection of the site or otherwise known to me have been plotted hereon or otherwise noted as to their effect on the subject property.



5 Said described property is located within an area having a Zone Designation "C' by the Federal Emergency Management Agency (FEMA), on Flood Insurance Rate Map No.3602310005 E, with a date of identification of APRIL 8 1983 , for Community Town of Cheektowaga, in Erie County, State of New York, which is the current Flood Insurance Rate Map for the community in which said premises is situated.

6 The Property has direct access to Walden Avenue and Galleria Drive dedicated public streets or highways.

7 The total number of striped parking spaces on the subject property is 1336, including 38 designated handicap spaces.



8 There is no observed evidence of current earth moving work, building construction or Building additions [except as shown or noted hereon]

9 There are no proposed changes in street right of way lines, according to Erie County. There is no observed evidence of recent street or sidewalk construction or repairs.

10 There is no observed evidence of site use as a solid waste dump, sump or sanitary Landfill.


Landfill


100 N.E. 5th Street Oklahoma City, Oklahoma 73104

Smith-Roberts

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ALTA & ACSM Land Title Survey for Retail Shopping Centers

Real Estate

Transcript of ALTA & ACSM Land Title Survey for Retail Shopping Centers