Let’s explore a fundamental yet often misunderstood topic: the distinction between plats and surveys in commercial real estate transactions.
When it comes to acquiring or developing commercial properties, having a clear understanding of plats and surveys is crucial. These play significant roles in defining property boundaries, easements, and other important aspects that can affect the viability and success of a real estate project.
Plats
Let’s start by defining what a plat is. A plat is a detailed map or plan of a subdivision, showing the boundaries of individual lots, streets, easements, and other relevant features. Plats are created and recorded by surveyors or government agencies that serve as the legal description of a piece of land.
In the context of commercial real estate, plats are essential for understanding the layout of a development site. However, this includes the size and shape of individual parcels and any restrictions or limitations imposed by zoning regulations or local ordinances. Developers rely on plats to assess the feasibility of their projects and to ensure compliance with applicable laws and regulations.
Surveys
Surveys, on the other hand, provide a detailed analysis of the physical characteristics of a property. While plats focus on the subdivision and layout of land parcels, surveys delve deeper into the topography, boundaries, encroachments, and other features of a specific piece of real estate.
Surveys are conducted by licensed surveyors who use special equipment and techniques to measure and map the terrain. Surveys help identify potential issues. This could be encroachments from neighboring properties, easements for utilities or access, or irregularities in property boundaries.
Key Differences
The primary difference between plats and surveys lies in their scope and purpose. Plats are comprehensive subdivision maps that provide an overview of a larger area, whereas surveys are detailed analyses of individual properties, focusing on their physical characteristics and boundaries.
While plats are often recorded with government agencies and serve as the official legal descriptions of land parcels, surveys are typically commissioned by property owners or prospective buyers to gain a better understanding of a property’s features and potential limitations.
Importance in Commercial Real Estate
In commercial real estate transactions, both plats and surveys play critical roles in due diligence and risk management. Buyers and developers rely on these to assess the suitability of a property for their intended use. They also help identify any potential issues or obstacles, and ensure compliance with zoning regulations and other legal requirements.
By understanding the differences between plats and surveys, commercial REALTORs® can make more informed decisions and mitigate the risks associated with property acquisition and development. Whether you’re investing in a new development project or purchasing an existing property, having access to accurate and up-to-date plats and surveys is essential for success.
In conclusion, while plats provide a broad overview of land subdivisions, surveys offer detailed insights into individual properties’ physical characteristics. Both are indispensable tools in real estate transactions. They help stakeholders navigate complex regulatory requirements and make informed decisions about property acquisitions and developments.
Stay tuned to the Onward Real Estate Team’s blog for more insights on navigating commercial real estate. However, if you have any questions or topics you’d like us to explore in future blog posts, let us know!