Survey vs. ALTA Survey

Can someone help me understand what the practical differences are between these two? The quotes I’m getting for ALTA are about twice as high as regular survey. Don’t want to be penny wise/ pound foolish, but I’m left wondering if the extra $3,500 is worth it for ALTA for the seller-carry park I’m purchasing.

Thanks in advance.

I’m going to say no. ALTA surveys are more appropriate when you are doing a bank loan or conduit debt. For a seller carry deal, I would try to just do a survey update (if the seller has a survey he/she can give you) or just a regular old boundary survey.

Many of the extras in an ALTA survey are redundant if you are doing your diligence properly: http://smith-roberts.com/ALTA-Survey-vs-Boundary-Survey

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Some title companies will ask for an ALTA survey to address exclusions in the title policy, but I have found that most boundary surveys cover the items asked of the title company, such as easements and encroachments.

I by default ask the Seller to pay for an ALTA survey when I initially make an offer, and then will use it as a negotiation point if needed to reduce price or make concessions if needed. If Seller gives me a boundary survey instead of ALTA I have a provision for the title company to deduct the cost different for me to get the ALTA from the purchase price.

With Seller carry you only need a boundary survey.

I think I will proceed with the basic boundary survey. Thanks so much for the input!

Does anyone know if it 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?