I have a request to do an ALTA on a ground lease tract with a building on it. I've never had this request before. It doesn't seem like an ALTA would be the appropriate survey since they do not own a fee tract. But the lender is adamant he wants an ALTA.
Ever seen this?
Doing one right now. It just is what it is. Title Company provides a report with a legal description and list of exemptions and that is what you survey - no different than any other ALTA.
An ALTA would cover the boundary and visible improvements AND would provide some assurance that no surprises would crop up during the lease, but a thorough title search might be most relieving and provide the most protection over the time of the lease.
jud
Do you survey the parent tract too as well as its encumbrances? Or just the lease?
Did one once that had a cable company's dish(es) and tower on a property that they had leased from the owner. My understanding was the lease had long expired, the cable company had long been gone, and left the property as it was. Somehow an attorney was involved that insisted on having basically a full ALTA showing everything including guy-anchors, tower position, building corners (with description), all dishes still on site, the surround fence and all property we found and/or set if applicable.
No, just the land to be acquired/leased.
I have done several in my area. This is alot of State lease land. If your lease holder is Fed or State be careful because not all easement will be recorded at the county, at least out here you have to research the state land department and BLM because they don't record with the local government. I use 2 Title Co for these projects, a local one for the typ title info and one specialized in State and Fed research.
Yes that is right. Both my State employer's have unrecorded easements and licenses. I think it is a poor practice but apparently years ago many State staffers didn't think much of recording things.
For some reason my department established a lot of repeater sites on mountain tops with only a license for access on the rough dirt road up to the top. The problem ones where mostly done in the 1940s; I guess things were more informal then.
Agree with all above. The leased property boundary is surveyed just like a property boundary. Just call it what it is. I've done a couple for a national bank firm that leased some locations as opposed to owning them.
Stephen
Did quite a few when I was with a previous employer. These were commonly portions of shopping centers (strip malls) where a new retailer was moving into one of the anchor locations. We surveyed the entire boundary and all showed encumbrances applicable to the parent legal parcel, but only dealt with potential encroachment issues, precise building locations, parking spaces, etc., on the lease parcel in question.
