The American Land Title Association (ALTA) worked with the National Society of Professional Surveyors (NSPS) to continue to adapt and redefine requirements associated with highly-detailed surveys required for development and associated property transactions.
ALTA/NSPS surveys show easements, rights-of-way, land ownership, hidden assets, parcel boundaries, and unrecorded liens.
Though initially designed for users in the title insurance industry, the ALTA/NSPS Survey has grown to become a thorough representation of an existing property. It is now utilized by nearly all involved parties of a commercial transaction.
As many of you already know, ALTA/NSPS Survey standards will be updated this month. The following outlines the new ALTA/NSPS standards’ highlights and how Stewart can help you successfully navigate the process.
When are the new 2021 standards effective?
The 2021 standards are effective February 23, 2021.
What happens to surveys that are undergoing completion during the transition period between editions?
During the transition period, surveyors may encounter situations whereby they have contracted to perform an ALTA/NSPS Land Title Survey before the 2021 standards effective date, while the survey’s expected completion date is after February 23, 2021. In such cases, the surveyor can discuss the project with the client, title company, and the lender and include an appropriate contract clause.
Do surveys performed to an older set of standards require updates to the new standards?
Yes, the new standards are effective February 23, 2021. Any surveys, including older ALTA/NSPS Survey updates, must be performed to the new Standard Detail Requirements.
What are the significant changes between the 2021 and the 2016 Standard Detail Requirements?
How Stewart helps you navigate the process
Stewart suggests three specific ways that stakeholders can help surveyors meet, and even exceed, delivery schedules and guidelines.
Find out how ALTA/NSPS 2021 Standards will affect your business. Learn how Stewart will help you navigate the changes, maintain project deliverable timelines, and enhance your financial success.