Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I ALTA Policy & Endorsements Types of Title Policies 2006 ALTA Owner’s Policy o Issued for the benefit of the Grantee / Buyer in the vesting deed o Protects the Buyer against defects in title that predated the recording date of the vesting deed o Customarily, the Seller is required to obtain and pay for the Owner’s title insurance policy. o This policy is also available for the purposes of insuring the Lessee under a Leasehold Estate. 2006 ALTA Loan Policy o Issued for the benefit of the Lender who provides financing on the real estate o It insures that the Lender’s lien is valid, enforceable, and has priority. o The premium paid for this policy is usually paid for by the Borrower. Note: On July 1, 2021, the American Land Title Association adopted the 2021 ALTA Forms. There is no set date yet for when the industry will start to use the 2021 Forms, but it will most likely be some time in 2022. 3 Surviving Your First Commercial Real Estate Closing I ALTA Policy & Endorsements Title Policy Components 3 4 41