What is an ALTA/NSPS Land Title Survey and why is it important in Real Estate Transactions?

In 25 words or less….or more:

Lenders won’t make loans for home purchases (hey – this is important even if you buy a property for cash) unless title is clean and title insurance policy can be issued on the property. This survey guarantees property can be insured.

However, it has been a recent practice for most lenders and closing attorneys in Georgia to require an “enhanced” level of title insurance be issued to cover losses and legal challenges for many of the possible disputes that a Land Survey would reveal. Therefore, many homes (except for new homes, larger lot sizes, and others lender identify) seldom require a land survey for lenders to make loans.

See my Blog Post on Title Insurance.

Source: ALTA/NSPS Land Title Survey

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