There are many endorsements that can be added to a commercial title policy. In this article, we are going to talk about the future advance series of endorsements and how they can be used in commercial title insurance.
Future Advance Endorsements
The ALTA 14 Future Advance series of endorsements are intended for use in states that have future advance statutes giving optional advances the same priority as obligatory advances. It provides affirmative insurance that the subsequent advances have the same priority as the original advance.
The ALTA 14.1 provides the same coverage as the ALTA 14, EXCEPT for matters of which the insured has knowledge at the time of the advance. The ALTA 14.2 is used when insuring a Mortgage securing a Letter of Credit. The ALTA 14.3 is used when insuring a Mortgage securing a Reverse Mortgage.
Commercial Partners Title – Located in Minneapolis, MN
At Commercial Partners Title, we provide commercial title services tailored to fit your needs. With over two hundred years of combined experience among our team members, we are standing by to handle the intricate details of your next commercial transaction. We are located in Minneapolis, MN but we work with clients throughout the entire state of Minnesota as well as the United States at large. Contact us today to learn more about the commercial title process and see how we can help with your next transaction.