Keeping Costs Down On Land Survey
We recently met with some surveyors, who passed on the following tips for keeping costs down on land surveys:
- In order for them to provide a realistic price quote, they need to see copies of the property title report, the prior survey (if you have it), and the lender's survey requirements (including the form of surveyor's certificate required by the lender).
- Attached is a PDF of the 2005 minimum standards for an ALTA/ACSM survey. The "Table A items" on pages 4 and 5 are the additional items that a surveyor can show on a survey. Ask your surveyor to look at the list of Table A items required by your lender. The following Table A items can significantly increase the cost of the survey:
- Item #1: Placing a monument (e.g., a marker or a pin) at every major corner on the property. The surveyor must also file a record of survey with the County Recorder’s office at an additional cost of approximately $2000.
- Item 5: Showing the contours and the elevations of the property. This is usually required only if development or construction on the land is involved.
- Item 7(b)(2): Calculating the gross floor area of all buildings on the property.
- Item 11(b): Mapping the location of underground utilities. See if your lender will accept Item 11(a) instead, in which the surveyor shows the location of utilities based on observed evidence on the surface.
- Make sure the list of items your lender says it wants the surveyor to cover is consistent with the lender’s form of surveyor’s certificate. The lender’s form of surveyor’s certificate often contains additional requirements, so the cost to you will increase if the surveyor has to go back and do additional work.
- For projects with lots of acreage, one way to cut down on costs can be to have an aerial photogrammetry map done showing the location of interior buildings. Traditional survey methods would then be used to establish the boundaries of the property and any features within 5 feet of the boundaries. You should talk to your lender about whether this method is acceptable in lieu of a traditional ALTA/ACSM survey.
One other tip: surveyor contracts often contain a provision limiting their liability for any errors to the cost of the survey, which doesn’t provide much protection to you. It’s worth asking the surveyor to delete that limitation before you sign the contract.
ALTA 2005 Standards (pdf)
