Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I ALTA Policy & Endorsements SURVIVING YOUR FIRST COMMERCIAL REAL ESTATE CLOSING SESSION 2: ALTA POLICY & ENDORSEMENTS Presented By: Dawn Godlewski, VP & Senior Commercial Counsel Surviving Your First Commercial Real Estate Closing I ALTA Policy & Endorsements Why Obtain a Title Policy? A Title Policy protects real estate owners, mortgage lenders, and other parties who have an interest in real estate from certain title risks and adverse interests that may affect the property. In exchange for a one-time insurance premium, the title insurer agrees to compensate or reimburse actual losses suffered by the Insured because of certain title issues. The matters that are covered, as well as those that are not covered, are detailed in the Policy. The title insurer also agrees to defend, at its expense, the Insured against any lawsuit that attacks the title, if the attack is based on a title defect that is insured against by the Policy. 2 1 2 40