ALTA endorsements are used in most, if not all, commercial title insurance policies. But there are so many different endorsements that it can be difficult to keep them all straight. In this article, we are going to explain the ALTA Truth in Lending Endorsement and discuss when it can be used when underwriting title insurance.
ALTA Truth in Lending Endorsement
This endorsement insures the insured lender against the effect of the termination of the lien by reason of the valid exercise of the right of rescission. The right of rescission may apply if (1) the lien is a security interest in the borrower’s principal dwelling and (2) the loan is not a purchase money mortgage, and (3) the borrower is a natural person. NOTE: This endorsement only applies to a residential property.
Experts in Commercial Transactions
At Commercial Partners Title Company, we are recognized as experts in commercial transactions both in Minnesota and across the United States. Our team is ready and waiting to help you through the process and make sure you are fully prepared for the closing table. Contact us today to learn more about how we can help you through the ins and outs of your next commercial transaction. You can find us at our primary offices located in the heart of downtown Minneapolis.