Commercial Mortgage Location vs ALTA Survey

The purchase of commercial real estate can be complicated and involves a significant investment. A land survey ensures the buyer is getting exactly what they are paying for.

But what type of land survey should you use? See below for the differences between a commercial mortgage location vs ALTA survey.

McSteen Commercial Mortgage Location versus ALTA infographic.

Commercial Mortgage Location

  • Only used in the State of Ohio. While other states have similar products, there is no standardization.

  • Graphically depicts property lines per the recorded deed, NOT per field observation and surveyor calculation

  • Shows major improvements and encroachments with approximate accuracy of +/- 1/2 foot.

  • Can be used to remove the survey exception on the lending and title policies if permissible by the affected parties.  

  • It is not a legal document and cannot be used in court.

  • The lower state requirements leads to lower costs and faster turnaround of 5 to 7 days.

  • Can show Schedule B items upon request

ALTA Survey

  • National standards set by ALTA/NSPS which means that regardless of the state from which the survey is ordered and performed, the same survey requirements will be upheld.
  • Offers the highest accuracy in the state of Ohio, showing boundary lines along with all monunations set or found (can also be used to write a new legal). 
  • Shows access to the site along with all other detailed improvements, including parking space count, utilities, etc.
  • Always shows Schedule B items included in the commitment and any found during the surveyor’s research process.
  • Preferred by most lenders when dealing with larger commercial properties as it provides the strongest survey for title exception and, given its high standards, lowers the risk to lenders. 
  • It can be used in a court of law.
  • Due to the high standards and national requirements, an ALTA has a longer turnaround time, typically 20-30 business days, and costs significantly more than a commercial mortgage location

With more than 50 years of experience, McSteen can help you determine whether a commercial mortgage location vs ALTA survey best suits your commercial real estate purchase.

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