Happy Holidays folks!
I'm doing an ALTA for a big league client. The title commitment I just received is based on the 2006 ALTA standards????
Is this a big deal? I thought I was only supposed to certify to 2011 standards.
Thanks!
Deed Staker, post: 350459, member: 9807 wrote: Happy Holidays folks!
I'm doing an ALTA for a big league client. The title commitment I just received is based on the 2006 ALTA standards????
Is this a big deal? I thought I was only supposed to certify to 2011 standards.
Thanks!
The following is copied from http://www.acsm.net/index.cfm?fuseaction=page.viewpage&pageid=964&apos ;">NSPS - ALTA Standards FAQ web page with my emphasis added:
[INDENT]QUESTION #3:If a Surveyor began work on a Survey before the effective date of 2/23/2011 or is asked to update information requiring an updated Certification, may the 2005 Standard still be used?
If the work was contracted and began before February 23, 2011, it may be completed under the 2005 standards, but otherwise any survey which is certified or re-certified on or after 2/23/2011 should use the 2011 Standard. Use of the Standard is voluntary, of course, and the Client and Surveyor may agree to different terms which could include use of the 2005 Standard, but in such cases the final plat or map could not be labeled an ALTA/ACSM Land Title Survey.
[/INDENT]
I would refer the client to the NSPS statement and if the survey must be labeled an ALTA/ACSM Land Title Survey.
In about 7 weeks it's the 2016 standard...
Deed Staker, post: 350459, member: 9807 wrote: Is this a big deal?
I'd say so. There is no reason other than ignorance that they would want a 2006 ALTA. Inform them. It's probably an oversight.
Deed Staker, post: 350459, member: 9807 wrote: Happy Holidays folks!
I'm doing an ALTA for a big league client. The title commitment I just received is based on the 2006 ALTA standards????
Is this a big deal? I thought I was only supposed to certify to 2011 standards.
Thanks!
The title commitment is based on the 2006 ALTA standard. I believe that is the most current for title.
The survey is based on the 2011 ALTA/ACSM standard. Soon to be the 2016 ALTA/ACSM standard.
Two different standards for two different products.
Deed Staker, post: 350459, member: 9807 wrote: Happy Holidays folks!
I'm doing an ALTA for a big league client. The title commitment I just received is based on the 2006 ALTA standards????
Is this a big deal? I thought I was only supposed to certify to 2011 standards.
Thanks!
Thinking oversight. To be an ALTA survey you must follow the 2011 standards and the Title commitment needs to be updated within 30 days.
Thanks everybody.