How A Land Title Survey Can Benefit You When Purchasing Commercial Real Estate
Are you looking to buy a new plot of land for your commercial business? Whether there is a commercial building such as an office or store already on the premises or you will be building from scratch, you need to know exactly what you are getting with this land before you sign on the dotted line. That's where land title surveying can be quite helpful. Here are the basics of what a land title survey can do and why it might be important for your business.
Make Sure Your New Property is Up to Par and Ready for Business
A land title survey conducted by an expert can make sure that your new land is up to the standards of the American Land Title Association. This can help solidify your legal ownership of the land and be of assistance in the future. A land survey is often required in commercial real estate transactions, especially when attempting to obtain title insurance. A land survey should always be part of your due diligence before deciding to move forward with the purchase.
Knowing Where Your Boundaries or Easements Are Can Help You Avoid Future Problems
One key part of the land survey process is to clearly identify, from a legal perspective, exactly where your property lines are. You may also need to identify if any other nearby property owners have an easement that runs across your property or how the local river or creek running across your land affects your ability to build. Identifying all of these boundaries and requirements before you close on the deal will give you a clear picture of your path forward. It could also help you protect your land if the local government or another local property owner intrudes onto your property in a way that is not welcome.
Finding Out About an Issue Before You Close on the Deal Could Give You Additional Negotiating Power
A land survey that complies with ALTA standards should always be one of the first pieces of due diligence you tackle once you find a plot of land that you like. Depending on what the survey finds, you might be able to renegotiate the deal and end up saving yourself money at the closing table. The last thing you want to have happen is to find that the actual legal boundaries of the property are not what was listed in the real estate ad after you have actually closed on the deal.
For more information about ALTA surveys, contact a local service, such as PLCS Corporation.