What could this mean for you? How is this relevant for distressed commercial real estate?
- REO purchasers could require a survey prepared according to these standards (in part, because purchaser’s lender could require this); so, be aware of this possibility as you negotiate the REO sales contract
- If you’re doing a deed in lieu of foreclosure, and you’re up-dating the existing survey, then consider doing the up-date with these standards – for the same reason set forth in the prior bullet point (i.e,, your buyer might require using the new standards)
I’m tying to locate a black-line of the new standards, so that we can quickly understand the changes (when compared to the current 2005 standards). **black-line found; see below***
If you have comments about the new 2011 standards, then please comment below.
** Kudos to Ginger Simon (with Situs) for following up with me about the American Congress on Surveying & Mapping website, and giving me a link to the page on the site that contains links to the black-line, a summary of changes and other helpful information. Wow. Thank you, Ginger!!