I received an request for an ALTA survey. In the process of preparing the proposal, I sent the client the checklist. The reply I received was: "Per the title agent and our loan coordinator, to clear the ALTA 9 survey, we do not need any of the additional requirements, just a straight up ALTA Survey." When I spoke with the closing attorney, she said they just needed boundary and easements.
Every ALTA I have ever completed has had several requests from the checklist. Some of those are required by state law, such as setting monuments. Other than those types of requirements, is a "straight up ALTA Survey" just boundary and any easements listed in the title commitment?
I would think, at a minimum, that it would require the items listed under #5 "Field Work" in the requirements:
A. Monuments
B. Rights of Way and Access
C. Lines of Possession, and Improvements along the Boundaries
D. Buildings
E. Easements and Servitudes
F. Cemeteries
G. Water Features
What say you?
Ok nevermind. After discussing it with them further and explaining a few things to them, I figured out exactly what items on the checklist they needed.
As you've just seen, most clients have no clue what an ALTA survey is.
Larry P
Yes and it's like pulling teeth trying to get the information needed to tell them what they do need.
:good:
It is also why you see such a variety of quality among them. The quality survey firms do the job right and wonder why they can't compete with the hacks. My 2 cents, Jp
> As you've just seen, most clients have no clue what an ALTA survey is.
>
> Larry P
The only thing they see is dollar $ign$; as in every item I put a check by, in table A, equals more money spent on this "required" survey......
I read a good series of articles recently; on the topic of "Value Pricing". The most important thing I took from that was educating our clients on the value of our service and what it could mean to their future.:-)
Dugger
To me, a "regula ALTA" is a survey that meets my state's minimum technical standards and one in which I am supplied a completed title insurance commitment report. No title insurance commitment report = no ALTA. A title insurance commitment report is what defines an ALTA, even without the Table A checklist. The commitment report lets you address their issues, if any, and then applying your state reg's completes the requirements.
> > As you've just seen, most clients have no clue what an ALTA survey is.
> >
> > Larry P
>
> The only thing they see is dollar $ign$; as in every item I put a check by, in table A, equals more money spent on this "required" survey......
>
> I read a good series of articles recently; on the topic of "Value Pricing". The most important thing I took from that was educating our clients on the value of our service and what it could mean to their future.:-)
>
> Dugger
Thanks for the kind words Doug. Always appreciated but even more so when coming from first class people like yourself.
Have a great rest of the week.
Larry P