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Title Insurance and Common Endorsements
When a landlord purchases commercial property, he must procure title insurance. The purpose of commercial real estate purchasers title insurance ' a contract of insurance between a title company and the purchaser ' is to protect the purchasers' ownership interests from claims or losses that result from certain defects in the title. This article provides a brief description of the architecture of a standard title insurance policy along with the risks that are covered and not covered. It then explores the addition of endorsements to the title policy and how they provide additional protection for the purchaser. Last, the article reviews the endorsements most commonly requested by purchasers of shopping center developments.
Description of Coverage
Title insurance insures the status of title to the purchased real estate as of the title policy's “effective date.” The typical form of owner's policy used is the American Land Title Association (ALTA) Owner's Policy (6-17-06) although some states have their own state-specific forms. The standard title insurance policy contains five sections: 1) Covered Risks, 2) Exclusions from Coverage, 3) Schedule A, 4) Schedule B, and 5) the Conditions.
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