The ALTA date down endorsement is usually used to extend the coverage for an existing loan policy to a current date, usually because the insured mortgage is being amended or assigned. To do that we search the county records since the policy date and issue a Letter Report that identifies any changes in the status of title since the policy date. We also include a Specimen Date Down Endorsement that acts as a first draft of the final Date Down Endorsement.
The final Date Down Endorsement will extend the policy coverage to the date the mortgage amendment or assignment is recorded, will change the policy amount, if appropriate, and will show any changes in the status of title since the original policy date. The Specimen Date Down Endorsement will include exceptions for parties in possession, survey matters and mechanics liens, which will appear on the final Date Down Endorsement unless they are deleted at closing. The coverage provided by the endorsements attached to the original policy will not be extended unless we determine that the current facts allow us to continue the coverage.
The ALTA form 10.1-06 contemplates the endorsement being acted upon at the time of an Assignment of the Mortgage.
This endorsement is available for lender’s title policies but is only rarely used in owner’s policies.
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At Commercial Partners Title Company, our team is comprised of a wide range of experts including title underwriters, closers, escrow agents, and more! We are a full-service operation and can help you with all the details of your commercial transaction as you prepare to close on the property. Have questions about the process? Contact us at our downtown Minneapolis offices to set up a time to chat with our team. We are here to help you through all the details of your transaction.