MASSACHUSETTS
Agency Operations

Home
2006 Policies PDF Print E-mail

 The introduction of the ALTA 2006 policies to the local marketplace requires careful consideration for use in the appropriate transaction.  There are many title insurance products from which to select in the residential and commercial arena. The following scenarios are the recommended usage for title insurance policies.

RESIDENTIAL OWNERS 

1.  Owners policies for residential, improved properties:   Continue to issue the Homeowners Enhanced policy.  This policy is designed to provide a residential, improved property owner the best coverage currently available in the marketplace.

 

2.  Owners policies for residential unimproved properties (i.e. vacant land) or new construction transactions:   Issue the ALTA 1992 owners policy until the ALTA 2006 policy schedules have been installed on your conveyancing software.  The Homeowners Enhanced policy should not be issued for vacant land, new construction or commercial transactions.

 

 RESIDENTIAL LOAN 

Loan policies for any residential properties:  If your office is accustomed to issuing the ALTA “short form” loan policies, and, of course, your lender accepts them, you can start to use the ALTA 2006 “short form” policies immediately.  On the other hand, if your office does not issue “short form” loan polices or, if your lender will not accept them, issue the ALTA 1992 loan policy until the 2006 schedules have been installed on your conveyancing software, at which time you should start issuing the ALTA 2006 Loan Policy.

 

 COMMERCIAL OWNERS 

Owners polices for any commercial properties:  Issue the ALTA 2006 owners policy once the 2006 schedules are installed.[1]

  

COMMERCIAL LOAN Loan policies for any commercial properties:  Issue the ALTA 2006 loan policy once the 2006 schedules are installed. 



 
< Prev   Next >

Copyright © 2010 FNF All Rights Reserved. Privacy Statement