I get this all the time now, where I get asked for an ALTA Proposal. Then I get it 50% written and they say, oh, I will send you the lender requirements. This can double or triple the time it takes to write a proposal. With reading through and addressing all the non-survey related items they want noted and shown. And then after doubling the time for the proposal they go with someone that didn't even address the requirements, most likely because they didn't look at them.
So do you read through the lender requirements and address them or do you send them your standard ALTA Proposal?
> So do you read through the lender requirements and address them or do you send them your standard ALTA Proposal?
Yes. 😉
My "standard ALTA proposal" incudes the Table A items (about 3/4 of them) that I frequently see coming up in various lenders requirements.
I always ask for lender requirements first then prepare a detailed scope and fee accordingly making my proposals fairly in depth. Many times this helps the client make a decision to see all that is being covered. If I lose out. Onto the next.
I usually tell them they can stick with the standard requirements, or they can pay attorney's fees on top of the proposal to have a lawyer comb through it for me. That usually gets them to see the light.
I have a standard form for ALTA proposals, and I've been doing them for so long I know how much each of the optional items will cost, so after looking at the site on line it doesn't take but minutes to fill in the blanks and add them up.
I won't take the time to propose until after the requirements and Title Report are sent. If getting those is too difficult the client is probably going to be difficult as well. Using this approach I find myself getting more work and nailing the budgets.
:good: :good:
Agreed
In fact, anyone needing to request an ALTA survey should know about these issues. In the Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys, part number two states:
2. Request for Survey - The client shall request the survey or arrange for the survey to be requested, and shall provide a written authorization to proceed from the person or entity responsible for paying for the survey. Unless specifically authorized in writing by the insurer, the insurer shall not be responsible for any costs associated with the preparation of the survey. The request shall specify that an "ALTA/ACSM LAND TITLE SURVEY" is required and which of the optional items listed in Table A herein, if any, are to be incorporated. Certain properties, including, but not limited to, marinas, campgrounds, trailer parks and leased areas, may present issues outside those normally encountered on an ALTA/ACSM Land Title Survey. The scope of work related to such properties should be discussed with the client, lender and insurer, and agreed upon in writing prior to requesting the survey.
And, I think these items should be included in requesting an estimate. How else would you know how to charge?
Agreed
> In fact, anyone needing to request an ALTA survey should know about these issues. In the Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys, part number two states:
>
> 2. Request for Survey - The client shall request the survey or arrange for the survey to be requested, and shall provide a written authorization to proceed from the person or entity responsible for paying for the survey. Unless specifically authorized in writing by the insurer, the insurer shall not be responsible for any costs associated with the preparation of the survey. The request shall specify that an "ALTA/ACSM LAND TITLE SURVEY" is required and which of the optional items listed in Table A herein, if any, are to be incorporated. Certain properties, including, but not limited to, marinas, campgrounds, trailer parks and leased areas, may present issues outside those normally encountered on an ALTA/ACSM Land Title Survey. The scope of work related to such properties should be discussed with the client, lender and insurer, and agreed upon in writing prior to requesting the survey.
>
> And, I think these items should be included in requesting an estimate. How else would you know how to charge?
Thank you for drawing my attention to that. I have read the request for survey section so many times, I think I have it down, but this just goes to show, always check so you never have to assume.