Commercial Title Endorsement Guide
Every title insurance policy is different. There is no “one-size-fits-all” policy that can be used for every transaction. You need to take into account the client’s unique needs for their property. That’s where endorsements come in. Essentially, an endorsement is a tool that a title insurance company can use to customize a basic title insurance policy to fit the needs of a specific client.
There are a wide variety of endorsements that can be used in a transaction depending on the location of the property, the client’s needs, and other factors. In this article, we are going to talk about some of the most commonly used American Land Title Association (ALTA) endorsements. Residential ALTA Endorsements The first set of ALTA endorsements primarily address residential risks. These endorsements protect residential lenders in the secondary mortgage market.
Commercial Title Endorsements
Some of these endorsements include:. ALTA 1 – Street Assessments. ALTA 2 – Truth in Lending. ALTA 4 & 4.1 – Condominium. ALTA 5 & 5.1 – Planned Unit Development. ALTA 6, 6.1 & 6.2 – Variable Rate Mortgage. ALTA 7 – Manufactured Housing. Used starcraft campers.
First American Title Endorsement Guide
ALTA 8.1 – Environmental Protection Lien Commercial ALTA Endorsements The next batch of ALTA endorsements relate primarily to commercial real estate transactions – rather than residential transactions.