ALTA offers a wide range of endorsements that cover a plethora of different issues when underwriting title insurance. In this article, we are going to dive into the doing business endorsement and explain when it can be utilized when underwriting title insurance.
Doing Business Endorsement
This endorsement insures that a mortgage lien will not be determined to be unenforceable on the basis that the making of the mortgage constituted a violation of the “doing business” law of the State in which the property is located. The laws of the state should be reviewed to determine whether or not the act of lending money in exchange for receiving a mortgage requires the lender to be authorized to do business within that state.
This endorsement is available in Minnesota because Minn. Stat. Sect. 303.03 makes it clear that a foreign corporation owning property and making mortgages does not constitute “doing business”.
Request a free copy of our endorsement book to learn more about this and other ALTA endorsements. This book gives a brief overview of dozens of ALTA endorsements along with examples of each.
Get Help with ALTA Endorsements
If you’re looking for help with this or other ALTA endorsements, you’ve come to the right place! Commercial Partners Title is your go-to expert for all things related to commercial title insurance. For the past several decades we have built up a reputation across the United States as being the experts in commercial transactions. Our team of escrow agents, title closers, underwriters, and more will work with you through all the details of your transaction and ensure that you understand what’s happening every step of the way. Contact us today to learn more about our service offerings and how we can help you through your next commercial transaction.