I will TRY to make this story short. It involves the word "realtor";-)
We have a very long standing client who is very good to us and we reciprocate the same. There is a lot in one of his (commercial) subdivisions that he is going to sell to some medical business. They need to reconfigure the parking lot and building so a lot line adjustment is going to be in order. The change in area is about 0.2 acres of a 2.8 acre platted lot. there is no set deadline for closing yet but the "realtor" wants to sell ASAP of course. Can you say ALTA!!!!
We get the "nod" for this ALTA around the 20th of May without a signed contract and after that is done we'll proceed on the LLA. Since this client (not the realtor) is of good faith, we proceed with the field work ONLY on the 23rd. We have no signed contract and no Title Report. We go no further. I should qualify the client in that he would pay us if the ALTA contract fell though because he needs this for design regardless.
We get a signed contract but no Title report until first week of June. We proceed, I finish the ALTA, boss signs it and off it goes.
We get a call early this week that the acreage is wrong. They wanted an ALTA of the adjusted lines for the new Parcel. "We can't do an ALTA for a piece of property not in the Title Report, the Title Commitment is for Lot X, Block X of XXXXXXXX". ""Well can't you just plot the "new" lot lines on there. We have to have an ALTA of the adjusted property""
Now the realtor is miffed that it's going to take another 6-8 for the LLA to get through the city.
Ughhhhhh...:-P
> We get a call early this week that the acreage is wrong. They wanted an ALTA of the adjusted lines for the new Parcel. "We can't do an ALTA for a piece of property not in the Title Report
Sure you can. As long as you have title reports for all properties upon which the reconfigured parcel lies, you can do an ALTA for it. You have to be clear in the notes that the parcel doesn't legally exist yet, but that's not a big deal. I've done several like this.
Sounds like a chicken & egg scenario, and that the title company got ahead of themselves. They should have waited for your LLA and then issued the title committment. Some things actually do take time
Can you just do another ALTA on the proposed part of Lot Y that constitutes the new lot line? Around here that is how the legal would be anyway... Lot X and that part of Lot Y described as......
Meanwhile, the LLA gets processed behind the scenes
I agree. Sounds like he's wanting some lawyer to "makeup" some property description to stick in the title policy.
The primary purpose for an ALTA is for Title Insurance.
If the title company is OK with it, I'd do what Jim says and go for it.
You can send out the ALTA plat with the LLA shown as pending. The LLA still needs to be done, but I have had occasions where the insurer would endorse over property that was not in the deed description. The major obstacle in my experience is land possibly held by the public, in which case the insurers seem to back away from those.
I'd let the insurer make the call; i.e. do it now or wait of wait for the transfer to take place.
Get An Agreement Of Sale Or Easement For The O.2 Acres Filed
Then do an ALTA.
Once the LLA gets approved, just update the ALTA.
Since Time Is Of The Essence it is worth a bit more to get it done now.
ALTAs include easements with little fanfare.
Paul in PA
I do it all the time . Also I work close with the attorneys and once the lot is determined we send them a preliminary Alta drawing with the lot . We label the line proposed property lines and note that this does not constitute a legal subdivision etc . Once we get the new title report with the lot description we finish up the Alta . Once the plat is recorded with the new lot we update the alta .
In my experience Lot lines in Commercial subdivisions are a moving target; they seem to adjust them every few years. It takes years to build them out usually so each new Lot sale usually needs adjustments to make the project work.
A City around here wants a rebar at every angle point and every lot line typically has several so you wind up with a massive pin farm of rebars that no longer mark lot lines after 10 or 15 years.
