Title Insurance and Surveys for Commercial Real Estate: Overview
A Practice Note providing an overview of the key steps involved in obtaining and reviewing title insurance and surveys for commercial real estate transactions. This Note focuses on the current American Land Title Association (ALTA) title insurance forms predominant in the US. It discusses title insurance basics, including how it functions as a retroactive indemnity contract and how state laws regulate forms and premium rates. This resource explains the process of ordering a title commitment and reviewing its components, such as Schedule A and Schedule B exceptions. It also outlines the structure and coverages of ALTA owner's and loan policies, including key covered risks, exclusions, and the availability of extended and gap coverage. This Note explores methods for enhancing policy protection through title insurance endorsements and affirmative coverage and details the critical role of surveys, particularly the ALTA/NSPS Land Title Survey, in the due diligence process.
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