alta/acsm land title surveys -...
TRANSCRIPT
ALTA/ACSM Land Title Surveys Maximizing the Potential of the Feasibility Assessment Tool for Development Deals
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WEDNESDAY, MARCH 21, 2012
Presenting a live 90-minute webinar with interactive Q&A
James J. Brown, National Network Department Manager, Bock & Clark, Akron, Ohio
Larry N. Woodard, Shareholder, Robbins Salomon & Patt, Chicago
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ALTA/ACSM Land Title Surveys
James J. Brown Bock & Clark
National Survey Coordinators Akron, OH
1-800-787-8397 ext. 835 [email protected]
www.bockandclark.com
ALTA/ACSM Land Title Surveys
• What is ALTA/ACSM? NSPS? • Purpose of an ALTA/ACSM Land Title Survey • Reliance on the survey by transaction parties • Title commitment serves as surveyor’s road
map
(refer to page 3 of the Handbook)
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Minimum Detail Survey Requirements
• First formulated in 1962 (latest 2011- first major re-write of requirements)
• Outline of all surveyor responsibilities now presented in chronologic order (pages 5-10) • Surveyor’s Certification (page 30) • Optional Table A Responsibilities (pages 11-
13) • User Guide for Table A (pages 14-21)
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Highlights of Changes
All of the previous surveyor’s responsibilities along with some new ones are still contained therein, just repositioned to follow standard surveyor procedure.
New checklist (see pages 32-35 of
Handbook) 9
Highlights of Changes
Standardization in wording throughout the requirements; i.e., “The premises”, “The property”, “The parcel”, “The tract”, have meant same thing in previous versions. The terms have all been standardized as “The surveyed property”.
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Highlights of Changes
Also made more consistent was the use of varying terms such as “visible”, “observed”, “observable”, and “physical” in earlier versions.
2011 Standards use the term observed in the process of conducting the survey wherever possible and appropriate.
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Highlights of Changes
Measurement standards have been fully incorporated into the Standards for the first time since 1986, rather than being a separate attachment.
The term Relative Positional Accuracy (RPA) has been changed to Relative Positional Precision (RPP) to properly reflect what the term actually represents. The definition of RPP has also been clarified and the points involved in the analysis are now limited to the actual corners of the property surveyed. (See 3E)
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Highlights of Changes A new section regarding digital copies
(see section 8) Digital copies may be provided in
addition to, or in lieu of, hard copies per the contract terms
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Highlights of Changes Section 7 states that the survey
shall bear ONLY the following certification, unaltered, except for jurisdictional requirements
Refer to section 3B for exceptions
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Highlights of Changes
TABLE A ITEMS
See pages 11-13 of Handbook Also refer to “Users Guide” on Pages
14-21
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Highlights of Changes
See “Highlights” page for a complete listing of all Table A items that have been altered, redefined, changed and added.
Major changes will be discussed
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Highlights of Changes – Table A
Table A Item 2 is NEW, (was vicinity map)
Now requires the addition of the address, if disclosed in documents provided to the surveyor
Vicinity map is now a standard requirement (see section 6.D.i.)
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Highlights of Changes – Table A
Table A Item 6 is now 6A and 6B
6A requires that the current zoning classification be provided to the surveyor by the insurer (title company)
6B adds setbacks, height and floor space area restrictions – Also provided by the insurer (title company)
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Highlights of Changes – Table A
Table A Item 10 is all new (was indication of access) and also includes 10A and 10B
10A refers to the relationship and location of certain party walls
10B asks the surveyor to determine if such walls (designated) are plumb
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Highlights of Changes – Table A
Table A 19 is new
The surveyor is to show wetlands as delineated by appropriate authorities
Authorities such as; Environmental Reports
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Highlights of Changes – Table A
Table A item 20 is new and also includes 20a and 20b
20a asks the surveyor to locate any improvements within offsite easements or servitudes benefiting the subject property as cited in record documents or as observed
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Highlights of Changes – Table A
20b asks the surveyor to place monuments (or reference monuments) at all major corners of offsite easements or servitudes benefiting the property as revealed in record documents
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Highlights of Changes – Table A
Table A item 21 is new
Client can request professional liability insurance in a specified amount
Careful consideration as to the amount is necessary
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Sample Survey
• Overview of survey – Standardized Format
• Items corresponding to schedule B
• Significant Observations
• Other title blocks – zoning, utility notations, flood zone determinations
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Property Descriptions
• Record descriptions • Surveyor’s new descriptions • Title company comfort • Recordation of survey plat
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ALTA/ACSM Land Title Surveys
Strafford Publications Webinar Wednesday, March 21, 2012 Presented by:
Larry N. Woodard ROBBINS SALOMON & PATT, LTD. 25 E. Washington St., 10th Floor Chicago, Illinois 60602 (312) 782-9000 [email protected]
What Your “Survey Says”: The 2011 ALTA/ACSM Survey Standards
for Real Estate Attorneys
Real Estate Contract Terms
Records Search Requirements (Section 4) “Record Documents” to Surveyor Who Provides? (not necessarily title company)
What is the “most recent” title commitment? Need to Bifurcate Title and Survey in Contract—need Title
and documents of record in order to get Survey Adjoining Land: Need Title Company to provide Deeds to
Adjacent Land
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Real Estate Contract Terms
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Defining “Current Survey” Section 7, Survey Certification, requires date of field work Does lender or title company require survey 6 months from
field work or 6 months from certification?
Lender’s or Buyer’s Form Certification Section 7 only requires the unaltered standard survey
certification What are the lender’s requirements—no more ‘long form’? Will surveyors or surveyor’s insurers allow successors and
assigns as part of the survey’s certified parties? Can include local certification requirements under Section 7
Real Estate Contract Terms
Form of Delivery (Section 8) Allows for digital copies: Does lender or title company
require embossed seal?
Zoning Information (Table A, Item 6) Title Insurer to provide zoning classification—include as
part of documents of record provided with title commitment
Gross Floor Area (Table A, Item 7) Surveyor may need access to building interior.
Surveyor’s professional liability insurance (Table A, Item 21) Any party requires this?
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Title Company v. Surveyor
Legal Description Discrepancy (Section 6(B)(i)) In dueling legal descriptions, who wins? Surveyor’s certification assumes a closed metes and bounds
description
Disclosure of Gaps and Overlaps (Section 6(B)(vii)) Does surveyor need to resolve gaps and overlaps?
Plotting easements and servitudes (Section 6(C)(i) and (ii)) No definition of “plottable”
Zoning Information (Table A, Item 6) Will Title Insurer provide zoning classification information?
Does Professional Liability Insurance Need to Insure Title Company as Additional Insured? (Table A, Item 21)
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Ordering the Survey
Provide Current Title Table A Items Err on the side of over-inclusion (e.g., need Items 4, 6, 7 and 9
for 3.1 Zoning Endorsement with Parking; cache of address may be important to client (Item 2))
Become familiar with Table A and what is required for which endorsement
Confirm Lender Requirements Allow Ample Time to Send to Client, Title Company and
Lender for Review
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Reviewing the Survey
Compare legal description with title
Review property boundaries for encroachments
Review building footprint against building lines and setbacks
Confirm access and curb cut to public right of way or undedicated road
Confirm easements benefitting or burdening the property
Lot and parcel gaps or overlaps
Location of overhead and underground utilities
Review surveyor’s notes Confirm Surveyor’s observed property conditions Are all easements plotted? Flood zone? Evidence of underground tanks or conditions?
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Larry Woodard is a shareholder in the Real Estate Group and chair of the Construction Law Group of Robbins, Salomon & Patt, Ltd., in Chicago, Illinois. Larry has represented Fortune 500 companies, private developers, condominium associations, units of local government, investors, landlords, tenants, private REITs and syndications in the development, financing, leasing, zoning, acquisition or disposal of their real estate interests. His practice also extends into general business transactions and governance, construction and mechanics lien litigation and asset protection. He has experience negotiating and documenting a broad range of transactional matters, including letters of intent, asset and stock sales, joint ventures, buy-sell agreements, operating agreements, partnership agreements and non-disclosure agreements.
Larry is a real estate developer and investor and is an Illinois licensed real estate broker and Illinois licensed real estate brokerage instructor. He is a periodic speaker and contributor on the subject of real estate law to numerous publications and is the General Editor for Illinois Institute for Continuing Legal Education’s (IICLE) ILLINOIS CONDOMINIUM LAW handbook.
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LARRY N. WOODARD ROBBINS, SALOMON & PATT, LTD.
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