Change ALTA Cert to add lender
April 18, 2008
Posted By PH Mundy on 4/17/2008 at 9:07 AM
The firm I work for performed an ALTA survey for a seller in June 2007. No lender's name was given for the certification so the surveyors certification was for the buyer, seller and title company. This past week we get an urgent message saying the lender is going to declare the loan in default unless their name is added to the certification. The property transaction closed in July 2007. The surveyor who signed the plat (I didn't start working here until Sept. 2007) is willing to add the lender's name with some sort of notation that the revised date is specifically for the lender name and does not address issues pertaining to change of ownership, easements, changes to physical improvements on or adjacent to the captioned property. This raises all kinds of red warning flags to me but the other surveyor seems comfortable with the change. Has anyone had a similar experience or has some reasonable imput on how this should be handled? By the way, I have contacted the title insurance company and am awaiting their imput.
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