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Which Endorsements Are Right for Your Transaction?

By Sara K. Stock
March 27, 2007
A commercial real estate attorney representing a client that needs title insurance in a commercial real estate transaction must consider which endorsements would be best to provide the client with all the necessary title insurance protection. The first part of this series discussed which American Land Title Association ('ALTA') endorsements are typical when representing a buyer, tenant, or lender in an acquisition or lease of commercial property. The conclusion addresses Lender Only Endorsements.

Lender Only Endorsements

A lender is typically looking for the same protection as a buyer/tenant, because the lender may step into the shoes of the buyer/tenant at some point in the future if foreclosure is necessary. The lender's policy insures that the mortgage is a valid lien and addresses the priority of the mortgage and the basic matters insured in an owner's policy: vesting of title; freedom of defects, liens and encumbrances; marketability; and right to access the land. Lenders have several unique risks, and those risks may be managed by utilizing the following notable endorsements (in addition to many endorsements available to a buyer/tenant):

1) ALTA 1, Assessment ' This endorsement assures the lender that, as of the date of the policy, there are no street improvements that could lead to a lien senior to the lender's mortgage.

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