There are a variety of different ALTA endorsements that can be included in a title insurance policy. In this article, we are going to discuss a few things you should know about land under development endorsements when engaging in a commercial real estate transaction.
There are 7 Different Land Under Development Endorsements
The land under development endorsements were created in 2012 by the American Land Title Association. There are now seven land under development endorsements available that can be utilized when a title insurance policy is issued prior to or during a construction project.
Improvements Must be Constructed According to the Plans
Land under development endorsements provide coverage defined by specific plans. It’s essential that the plans are finalized before such an endorsement is issued. If the actual construction deviates from the plan in the endorsement, the underwriter may be relieved of liability under the endorsement. As a result, it is absolutely essential that these endorsements not be issued until the plans are finalized, and that the actual construction sticks to exactly what is noted in the plans.
Commercial Partners Title Company in Minneapolis, MN
At Commercial Partners Title Company, we have been providing commercial title services to our clients for decades. We have built up a reputation as the experts in commercial title in Minnesota and across the country. Our team is composed of the best title underwriters, escrow agents, and attorneys in the industry. Contact our experts today to discuss the details of your commercial transaction. Our main office is located in downtown Minneapolis, but we work with clients around the United States.