Effective February 23, 2011 (next month), the new 2011 ALTA Survey Standards become effective (download a copy).  (Link to ALTA website and current 2005 requirements.)

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!!