When you’re looking to purchase title insurance, there are a wide variety of endorsements available to you – each offering a different type of coverage. In this article, we are going to offer a brief explanation of the most common ALTA endorsements used in title insurance.
This endorsement adds insurance for specific “off-record” matters. It is an extension of coverage to the ALTA Extended Coverage Loan Policy.
Form 102.4 is a Foundation Endorsement. It provides assurance that the structural foundations of the property are within the boundaries of the land insured.
This is very similar to form 102.4, but provides additional insurance that the structural foundations do not encroach upon easements referenced in the policy.
This is a Mechanic’s Lien Endorsements that insure against loss if a Mechanic’s Lien establishes priority due to a prior commencement of work.
Form 103.1 is an Encroachment Endorsement that expands coverage when items listed in the preliminary report can’t be precisely located.
Form 108.7 & 108.8
These forms insure that additional advances secured by a mortgage or deed of trust receive priority.
Form 116 is an Address Endorsement that designates the street address of the insured land. It also specifies the type of improvement on the land.
Commercial Title Company in Minneapolis
It can be difficult to determine what types of endorsements you need for your title policy. That’s where a title company can be a great help! At Commercial Partners Title, we work with taxpayers large and small on their commercial transactions. With decades of experience in the industry, we are recognized as experts when it comes to commercial transactions. Contact our team of experts today at our downtown Minneapolis office to discuss the details of your next commercial real estate transaction.