Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I ALTA Policy & Endorsements Conditions The Policy includes several conditions that set forth the basis on which the Title Company will pay out or settle a claim. The Conditions include (i) Definition of Terms, (ii) Determination and Extent of Liability, (iii) Notice Requirements, (iv) Proof of Loss, among other things. One of the most notable items found in the Conditions section of the Title Policy is the expanded definition of “Insured”. The 2006 policy expanded the definition of Insured to account for estate planning transfers and certain changes in entity structures. 17 Surviving Your First Commercial Real Estate Closing I ALTA Policy & Endorsements Case Study The Title Commitment has been completed and sent out. What’s next for Daring Developer, LLC and its Lender to do? 18 For most commercial transactions, the Buyer’s and/or Lender’s attorney will issue their title objection letters or title commitment mark-ups. The objection letters will identify those exceptions to Title that are unacceptable to the Buyer and/or Lender and, therefore, must be removed from the final Title Policy. 17 18 48