Is standard for a bank to require an ALTA survey when getting financing for a mobile home park? Does anyone have experience with banks that only require a boundary survey?
Not all banks require anything at all. Local banks sometimes don’t even require anything, except am appraisal. My first deal years ago I was green and never even for a survey or environmental report; now, I always get a phase I and a boundary survey (sometimes more detailed survey).
Any survey should already be an ALTA that includes items of record (including easements) at no additional cost. The items in table A cost extra but are only needed on a case by case basis.
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The title policy will almost 100% of the time have an exclusion for specific items related to the boundaries and / or size of the property if you do not have a survey. Otherwise it’s the lender that may stipulate the requirement for the specific type of survey - and those requirements can vary significantly.
An ALTA survey is NOT a boundary survey. They are VERY different both in price and deliverable. Here is a link to attorney’s who know a thing or two about the differences.
My contracts require (by default) that the seller pay for an ALTA survey, and it is commonly a negotiation point.
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