Determining when to use specific title insurance endorsements can be difficult. In this article, we are going to talk about when to utilize the ALTA condominium endorsements in your title insurance policy.
Generally, these endorsements protect against financial loss as a result of the failure of the insured unit and its common elements to be part of a condominium within the meaning of the condominium statutes; failure of the governing documents to comply with the requirements of statutes requiring; present violations of any restrictive covenants that restrict the use of the unit and its common elements and are contained in the condominium documents or the forfeiture or reversion of Title; charges or assessments provided for in the condominium statutes and condominium documents due and unpaid at Date of Policy; failure of the unit and its common elements to be assessed for real property taxes as a separate parcel; forced remove existing improvements because of any present encroachments or because of any future unintentional encroachment between the units and/or common areas; or the failure of the Title by reason of a right of first refusal to purchase the unit and its common elements which was exercised or could have been exercised at Date of Policy.
Commercial Partners Title
At Commercial Partners Title, we provide you with all the resources you need to successfully complete your commercial real estate transaction. Over the past several decades we have built up a reputation as experts in the field of commercial title insurance. Whether you need a lender’s title policy or an owner’s title policy, we are at your service! Reach out to our experts today to learn more about our full range of services and how we can help you with your next commercial transaction.