Bankin’ Bits

New ALTA Survey Standards

January 13, 2011 at 5:39 pm Scott Smalley Leave a comment

The new ALTA/ACSM survey standards will become effective on February 23, 2011.  It doesn’t appear that there are major changes to the existing survey standards, but there are a couple of important items to note. 

First, the new standards set forth a mandatory form of surveyor certification.  If your bank is one of the many banks that currently uses its own non-standard form certification, then you will want to check out the new language.  The new ALTA/ACSM standards require surveyors to use the ALTA form, not yours.  Here’s how the new certification reads:

To (name of insured, if known), (name of lender, if known), (name of insurer, if known), (names of others as negotiated with the client):

This is to certify that this map or plat and the survey on which it is based were made in accordance with the 2011 Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys, jointly established and adopted by ALTA and NSPS, and includes Items of Table A thereof. The field work was completed on ___________.

Date of Plat or Map:_____ (Surveyor‟s signature, printed name and seal with Registration/License Number)

Second, Table A, which contains a list of optional survey responsibilities and specifications, contains a new Item 21.  Item 21, if selected, would require the surveyor to obtain professional liability insurance coverage for that particular survey project.  Checking Item 21 would provide some additional protection to the person ordering the survey, but would likely increase the cost of that particular survey. 

For you hard core ALTA/ACSM junkies, we include a link to the new survey standards:  www.alta.org/forms/download.cfm?formID=338&type=word

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