Escrow & Title
What is an 'ALTA survey' and why might a Pennsylvania commercial buyer require one?
AAn annual survey of all Pennsylvania land records conducted by the ALTA organization
BA comprehensive land survey meeting ALTA/NSPS standards that shows property boundaries, improvements, easements, encroachments, and other features, used for title insurance and commercial transactions✓ Correct
CA survey required by Pennsylvania law for all property transfers over $1 million
DAn environmental survey conducted by ALTA-certified environmental professionals
Explanation
An ALTA/NSPS Land Title Survey meets standards adopted by the American Land Title Association and National Society of Professional Surveyors. It is comprehensive, showing: exact property boundaries, all improvements, easements, encroachments, adjoining streets, and any conditions visible from inspection.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EasementA non-possessory right to use another person's land for a specific purpose.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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.
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