We prepared an ALTA for a building before it was converted into Condos. We then did a Condo plat. We are now being asked to do an ALTA on some (not all) of the units and some (not all) common elements.
Lender is asking to see all the units that are in the title report on the ALTA survey, no problem.
1. Can (under the current standards) we prepare an ALTA survey showing the boundary of the units and the physical walls only within 5' of the unit / property line?
2. Or do we need to show all walls within the subject property?
I think question 2 is dependent on Table A item #8.
Each state may vary but I would suggest referring to the condominium map and declarations of record.
Does the map show all interior walls or only exterior and party walls?
The common elements may be general pertaining to all units and/or limited to a specific unit. The declarations and plat should also clarify this.
I maybe way off base with this reply but it sounds like a foreclosure situarion where the lender is looking to take over the building and any unsold unifs. I would treat it like I would if a bank wanted a survey on multiple properties from a single owner i.e. I would prepare a seperate survey with ALTA cert on each tract and not try to combine them into one survey. I would not have a problem preparing an ALTA on a single condo unit, I guess you could show each unit in some form of a "Detail" on the ALTA but I still believe each unit would need its own legal.
I understand both of those. What I am wondering is if I need to go verify that the unit boundaries are all the same. As in doing an "update" (I hate the term), and walking a site. I feel like I need to verify that the unit boundaries (walls) have not changed, and show those on my ALTA since they are 5' from the property line.
Opinions?
First thing I want to know for sure is, what does the client want and want does he need? Then I can help them address the Table A items and inform him what each means in terms of cost/value to him, for now and for in the future. Give him the chance to protect his investment as he wills with your knowledge and skills and advise in his tool kit.
Do not assume that what ever was or was not checked by the client or his agents is what the client needs or wants. He might know what he needs and wants, and his agents haven't got a clue.
If the client says do what the agents want cause that's what I pay them for, great. Prepare your contract accordingly. If they call back and say we need something else, charge them accordingly for updates and revisions.