Reading RPLS is free for the whole profession. Members post, reply, and get the members-only rooms.
I've a request from a client to perform an ALTA on a five story apartment/condo complex. The project is in mid construction. Building is up but only 25% of facade complete. Site work is is just getting going with some structures complete but only 50% at most. I've never been asked for an ALTA at this point. I have a meeting later in the week with the developer and his attorney. My guess is there has been some additional financing.?ÿ
?ÿ
My question is have any of you done an ALTA at a moving target like this? Any input would be appreciated.
?ÿ
The Hack
I've done plenty of ALTA's like that. Just be sure and add plenty of notes where site is under construction.
I've done it a couple of times. Last one was a ~300-unit apartment building under construction, with a hardware store also under construction on the adjacent property. Owner had refinanced, I believe.
We just make sure that the certification includes the Table A item (think it's 15) that requires you to state "evidence of construction or earth work...observed during field work". In addition to the boilerplate statement, we also put a bold note in larger text, where it cannot possibly be missed by the reviewers, stating the purpose of survey (required by statute here in WA anyways) as a refinance, re-stating the date on which field work was completed, and also stating that substantial improvements are being made to the property at the time of survey.
I think if you do something along those lines plus the usual due diligence, you should be OK.
I would insist on having a new title commitment as there may significant changes from six months ago when construction was approved.?ÿ Other items relating to the "words" of the ALTA should be considered very carefully before proceeding.
The challenge I would face is getting all the field work completed in minimum time so that my "DATE" would be as close as possible to the true status on that specific date.
Thanks for the input. Good advice.