Do I really need an ALTA survey?

I’m planning my DD schedule and budget and wondering if I really need an ALTA survey. This is an established MHP in KS that was purchased by the current owner about 2 years ago. It does not seem like they have done a lot to the property so I’m wondering if I really need an ALTA survey. My plan was to do a boundary survey with plottable easements and order a zoning report from another vendor which. That would be ~$3k and could be done in 2 weeks vs an ALTA that would be $10k and take 4 weeks.

Am I making a mistake by not ordering an ALTA?

Honestly I might get chastised here but I’ve never done more than a boundary survey to make sure everything that I’m buying is on the land I’m buying and a call to the zoning department to make sure they’re not actively trying to shut it down or wherever. Even the survey I’ve bought parks based on existing surveys when it’s obvious that nothing has changed. Maybe I just have gotten lucky.

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I’m in the same boat as you. I only do boundary survey and then do aa ALTA at refi because CMBS or Fannie/Freddie requires it. If I did an ALTA at purchase I would have to do a new one at refi, so why pay twice. I own around 25 parks and haven’t had an issue yet, but then again they’re all pretty straight forward properties.

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If the owner did a survey when they bought the property, you might be able to do something through the the title exceptions where the seller certifies that no changes have been made to their survey. Speak to your lawyer and lender about using their survey from two years ago. That might be cheaper than $3k and do effectively the same thing you’re trying to do by redoing work that was probably done 2 years ago.

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Seems like y’all have the same approach I do. This will be my biggest deal yet so I’m going to order a survey and plottable easements, if something seems concerning I’ll address then. @TheSteve the seller “says” they don’t have a survey and I want to have one of my own

Be aware of what the title insurance is warranting and their exclusions—also phase 1 action.
Some lending entities require ALTA survey sometimes partners in crime??? to promote certain companies? The ALTA survey that occurred on properties we sold were very ??? but loans were unwritten by HUD.

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getting a phase 1 no matter what. checked with the lender and they dont require an ALTA

We have never done an Alta survey on a mobile home park. However, you do not get to make that decision. Your lender and title company will specify what type of survey you need, but our experience has been that they would like to see a boundary survey.

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