Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I Surveys ALTA Survey o An ALTA survey is required for commercial transactions. o An ALTA survey is a more advanced type of survey created pursuant to a set of minimum standards adopted by the American Land Title Association (ALTA). 7 Surviving Your First Commercial Real Estate Closing I Surveys o The minimum standard detail requirements for ALTA Land Title Surveys were last adopted in February 2021 and require the delineation and notation of the title matters affecting the property, along with many other mandatory and optional items such as: o All boundary monuments found during fieldwork o Rights of way and access to public streets and highways or private ways o Lines of possession and improvements along the boundaries o Buildings on the surveyed property o Easements, cemeteries, water features o Optional items for a survey are included in Table A. ALTA Survey 8 7 8 97 115