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As the market bounces back from the effects of the COVID-19
pandemic, government closures, and a recession, things are picking
up and getting busy in the commercial real estate industry. With
the first quarter of 2021 officially over, this article outlines
some of the most important real estate changes that have taken
place in 2021 so far and what may be coming.
All U.S. Markets
New 2021 Minimum Standard Detail Requirements for ALTA/NSPS
Land Title Surveys
Effective Feb. 23, 2021, the 2016 Minimum Standard Detail
Requirements for ALTA/NSPS Land Title Surveys (the 2016
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The “Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys” is a document jointly promulgated by the American Land Title Association (ALTA), representing the title insurance industry, and the National Society of Professional Surveyors (NSPS), representing professional land surveyors, which describes the uniform minimum standards with which surveyors must comply when preparing a survey to be used by a title insurance company for the purpose of deleting the general survey exception from ALTA title policy forms. The first such set of standards was developed in 1962 and has since been revised 10 times. The standards are currently updated every five years and are relied on by real estate professionals, including purchasers, lenders, title insurers and their attorneys, nationwide. In October 2020, a joint committee comprising representatives of both ALTA and NSPS adopted the “2021 Minimum Standard Detail Re