August Mack Environmental, Inc. and The Schneider Corporation are pleased to introduce RE-Start, a value-based service for owners of foreclosed or distressed real estate to help put them in the best position to sell quickly when they are ready to market the property. The following professional services are part of the RE-Start package:
- Property Condition Assessment and Due Diligence
- Phase I Environmental Assessment
- ALTA/ACSM Land Title Survey
- Title Insurance
- Appraisal
On this blog, experts from both August Mack and Schneider will provide brokers, lenders, investors and owners with the resources and information they need to quickly sell their foreclosed or distressed property.
The National Society of
Professional Surveyors' committee responsible for the
ALTA/ACSM Land Title Survey Standards is currently working
with the American Land Title Association on a new version of the
standards.
The ALTA/ACSM standards were first adopted in 1962 and have
been through six sets of revisions since; the latest (and most
current version) being in 2005. It is anticipated that
the next version will become effective in about a year (target date
January 1, 2011).
The 2011 standards...
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The "Minimum Standard Detail
Requirements for ALTA/ACSM Land Title Surveys" includes a list
of 18 optional items that may be requested as a part of a Land
Title Survey.
These items are contained in Table A of the
ALTA/ACSM Standards and should be specified with the
order so the surveyor knows all of the client's requirements
when putting together the proposal.
Many of the optional items are related to one or more endorsements
that can be added to the standard title insurance policy, such...
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Did you know there are a variety of
products and services that title insurance companies
offer? Sometimes your situation may not
warrant a title insurance policy or even a complete title
search.
A Current Valid Deed Report merely provides the current
ownership and tax information and nothing further.
A Search Report provides information about the real estate
over a specific time period which is set by the party ordering
the report. It provides current ownership and tax information
and identifies...
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I was idly web surfing the other day
for more information on Indiana Foreclosure law and receiverships,
when I ran across this gem of a blog spot...Check it out:
http://commercialforeclosureblog.typepad.com/
So you've done your Environmental Due
Diligence, you've completed your Phase One
Environmental Site Assessment, and you've got all of your "ducks
in a row!" PUT ON THE BRAKES!
You have record of a past release on that site that you
are about to get a great deal on because it's a "distressed
property," BUT it's gotten closure already. Perfect, right?
However, "Closure Requirements" have changed! Now what?
Check out this article for more on how changing closure
requirements apply to past cleanups...
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For those who have not seen, or do not have a copy of, the current
(2005) Minimum Standard Detail requirements for
ALTA/ACSM Land Title Surveys,
the following link will take you
to a PDF of the standards on the website of the American Congress
on Surveying and Mapping.The National Society of Professional Surveyor's committee that
deals with these standards will be collaborating with the
corresponding ALTA committee to revise these standards over
the next 18 months. A new version is expected...
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A Property Condition
Assessment (PCA) is generally undertaken in order to assess
the integrity of any number of improvements and systems on
improved real estate. These might include, for
example, the roofing, HVAC, plumbing and electrical
systems, exterior walls, and ADA compliance. The
specific items that are included in any given PCA;
however, are a function of the needs and interests of the
client.
The PCA report will list and recommend solutions to
problems or deficiencies that were...
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And excerpt from these guidelines
regarding foreclosure on real
property:
"A lender’s exposure to environmental liabilitymay increase significantly if it takes title to real property held
as collateral. An institution should evaluate the potential costs
and liability for environmental contamination in conjunction with
an assessment of the value of the collateral in reaching a decision
to take title to the property by foreclosure or other means. Based
on the type of property involved, a lender...
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The Phase One Environmental Site
Assessment (ESA) is, was and always will be a key component in
evaluating environmental conditions at a property. Used to
identify potential and/or existing recognized environmental
conditions (RECs) at a property (both developed and undeveloped),
the Phase One Site Assessment should be a sought by buyers,
sellers, lenders, developers and brokers. Identification of
potential on and offsite environmental due diligence concerns can
be identified through interviews,...
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Nearly all transactions involving
financing for developed real estate or real estate being
contemplated for development will require an ALTA/ACSM Land
Title Survey.
ALTA/ACSM Land Title Surveys are conducted in accordance with
an extensive and detailed set of national standards promulgated and
adopted jointly by the American Land Title Association and the
National Society of Professional Surveyors.
An ALTA/ACSM Land Title Survey is relied upon by the title
company in issuing title insurance to...
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It's important to note that there
are different options available for Environmental Site
Assessments and Environmental Due
Diligence depending on specific project needs,
including:
- Phase I Environmental Site Assessments "All
Appropriate Inquiry" (ESAs)
- Transaction Screen Assessments
- Phase I Site Assessment Updates
- Peer Review Assessments
- Desktop Reviews
Check into options to custom fit your project.
Due Diligence covers a wide
variety of issues that may be of concern to an owner
and/or potential buyer.
-
Where are the nearest utility
connections?
You may be looking at a site that
appears wonderfully suited to a particular type of development, but
if the nearest sanitary sewer is a half mile away or requires a
lift-station to access, the costs may be prohibitive.
-
Who are the adjoiners and what plans do
they have?
In some cases, the rezoning of an
adjoining property can impact the use and...
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Welcome to the August
Mack/Schneider Corporation RE-Start blog.
Several times a week, we will be posting information helpful
to owners of foreclosed or distressed real estate as
they assess their options in marketing or redeveloping
their real estate assets.
My name is Gary Kent. I am a Land Surveyor with The
Schneider Corporation and I have served our company in a
variety of roles since 1983. Much of my time is
spent training, mentoring and teaching. I have
taught part-time at Purdue...
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