What is the purpose of the ALTA/ACSM Land Title Survey product?
The ALTA/ACSM Land Title Survey was formulated to be a survey on which the title insurer could rely to make specific underwriting decisions regarding the deletion of the standard survey exceptions within a title policy. When issuing this policy (in most cases to the lender), the holder of the policy wants these standard exceptions removed. As the survey will report on the ground matters of concern in relation to these exceptions, the ALTA/ACSM Land Title Survey is the tool that gets the insurer to their comfort level to delete these. Furthermore, the survey is certified by the surveyor to the title insurer (and other transaction parties), therefore extending the liability to the surveyor for any error or matter not reported or shown. Can a product based on an aerial photo provide the title insurer with the same level of comfort? These products are far less accurate and conclusive than an ALTA/ACSM Land Title Survey. Aerial photography can in no way compare to the precision necessary to
