What Does Table A Item 8 Add to the ALTA Survey?
Optional Table A Item 8 of the Minimum Standard Detail Requirements for ALTA/NSPS Surveys, when requested, adds more detailed and potentially important data to be shown on the survey that is not necessarily included in the standard surveyor requirements.
The definition reads: “Substantial features observed in the process of conducting the fieldwork (in addition to the improvements and features required pursuant to Section 5 above) (e.g., parking lots, billboards, signs, swimming pools, landscaped areas, substantial areas of refuse)”.
The referenced “Section 5 above” refers to the Minimum Standard Detail Requirements which clearly states it is the surveyor’s responsibility to include representation on the survey of the many improvements on the property such as buildings, driveways, access, encroachments, surface indications of underground easements or servitudes, evidence on or above the surface indicating utilities and evidence of cemeteries. If requested, Table A Item 8 requires the surveyor to use their best judgement to report any other substantial feature(s) on the property that may be of interest or value to those reviewing the survey. Unfortunately, the phrase “substantial features” is not defined beyond the examples that are given in the description of Table A Item 8.
To best serve the requesting party, it is good practice for the surveyor to be diligent in reporting these additional improvements from the client’s perspective. By reporting additional improvements, the client may learn of features that could add value to the property (i.e., recreational areas) or items that may need to be considered for determining zoning compliance (signage placement, etc.). There are also environmental issues to consider. If additional “features” are substantial areas of refuse, the client may want to learn more and request an environmental report for more information before going forward with their transaction. To clarify, the “substantial areas of refuse” verbiage was added to the 2016 definition of Table A Item 8 as the prior 2011 Table A Item 18 (Environmental Matters) was removed from the options.
The definition of what is to be considered “substantial” is rather ambiguous; therefore, any specific item not defined in Section 5 or Item 8 should be discussed with the surveyor. Item 8 can add slight additional cost to the survey and may extend the timing to complete a bit. However, the transaction parties are relying on the survey to not only be accurate, but thorough in its depiction of what is transpiring on the property. When Table A Item 8 is included, the client can and should expect a more detailed survey.
Energy Optimization - Sustaining Efficiency
Energy optimization is not limited to new construction. By engaging a team to perform an energy audit, a property owner can reduce operating costs through all stages of a building’s lifecycle. Whether transforming an existing structure into something new or maintaining its current state, evaluating your current energy use and systems provides valuable information that can result in thousands of dollars in savings.
Energy audits can be used to identify utility incentives and renewable energy opportunities. Retro-Commissioning can highlight performance improvement measures to help meet building operational goals as well as capital improvements to address aging infrastructure and/or life-cycle issues related to deferred maintenance.
Whatever the building condition, it is worth discussing energy and sustainability services with your due diligence provider to ensure that you are not missing out on cost-saving and systems maintenance opportunities. Through our relationship with NV5 Global, Bock & Clark can offer such services. Contact us for more information.
News and Upcoming Events
- Bock & Clark will sponsor the Bisnow Industrial Midwest being held on August 1st at the Loew’s Chicago O’Hare. Stop by our table to say “hello” to Lori Gabor and Jim Brown and enter our drawing for a $100 Amazon Gift Card.
- Mid-Atlantic Regional Director, Peggy Henderson, will attend the ICSC Florida Dealmaking event in Orlando August 26-28.
- Company President, Jeff Echko, along with Cathleen Straffen and Lori Gabor will participate in the CREW Chicago Golf Outing being held August 28th in Glenview, IL. Bock & Clark is also a sponsor of the event.
- Western Regional Director, Dave Brewer, will attend the CMBA Western States CREF Conference in Las Vegas September 5-7.
- Bock & Clark is an event sponsor for the upcoming Bisnow Finance Summit being held in New York City on September 6th.
- CREW Cleveland will celebrate its 30th Anniversary with a Jubilee event being held September 13th at Nuevo Cleveland. Bock & Clark is a proud sponsor of this event and the chapter.