Escrow & Title
What is an ALTA/NSPS survey and when is it required in Nevada?
AA Nevada state-required survey for all residential purchases
BA comprehensive land survey meeting standards set by ALTA and NSPS, typically required for commercial real estate transactions and lender requirements✓ Correct
CA survey required by NRED for all broker-sold properties
DA survey of Nevada public lands adjacent to a purchase
Explanation
An ALTA/NSPS (American Land Title Association / National Society of Professional Surveyors) survey is a comprehensive survey meeting strict standards. It locates all improvements, easements, encroachments, and potential title issues.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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