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Mark Goodman Commercial Partners Title, LLC is dedicated to providing unparalleled customer service, commercial title insurance solutions, and creating great relationships. It is vital that we continue to find ways to execute on these promises to our clients; and with the advancement of social media, we believe we can take our values and ideals to a new level.

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Cordially, Mark

August 20, 2019 by Mark Goodman

The ALTA Leasehold Interest Endorsement Explained

There are a wide range of endorsements that can be incorporated into an owner’s title insurance policy, but many investors don’t know which policies apply to their specific situation. In this article, we are going to break down the ALTA leasehold interest endorsement and when it can be used in an owner’s policy of title insurance on a commercial property.

ALTA Endorsement 13 for Leasehold Interest

The ALTA Endorsement No. 13 is used for an OWNER’s Policy insuring a leasehold estate. The ALTA 13.1 is used for a LOAN Policy insuring a leasehold estate. The policy may insure additional interests as well. The Leasehold endorsements expressly include the value of improvements added by the tenant in the calculation of loss because of an eviction by reason of a matter insured against by the policy. In addition, the endorsements include reasonable costs incurred by the insured to secure a replacement leasehold equivalent to the insured leasehold estate. Eviction is defined to include lawful dispossession and deprivation of use because of an insured matter. This endorsement replaced the leasehold policies, which are no longer available. The insured leasehold interest must be memorialized of record, either by recording the Lease or a Memorandum thereof

Commercial Title Insurance Experts in Minneapolis, MN

If you are looking for commercial title insurance experts in the Minneapolis area, you’ve come to the right place! At Commercial Partners Title Company, we have been providing elite title insurance coverage for our clients for decades. Our team is composed of escrow agents, title closers, underwriters, and more who can help you through all the details of your transaction. Contact us today to learn more about our philosophy and our many services. You can find us at our primary office located in downtown Minneapolis.

August 19, 2019 by Mark Goodman

Mortgage Modification Endorsement for Lender’s Title Insurance

We talk a lot about endorsements that can be added to an owner’s title insurance policy, but there are also many endorsements that can be added to a lender’s title policy. In this article, we are going to discuss the mortgage modification endorsements for lender’s title insurance policies.

Mortgage Modification Endorsements

This endorsement insures the insured lender that a particular recorded mortgage amendment does not affect the priority of the mortgage, except for additional matters stated in the endorsement. The ALTA 11.1 also discloses matters that are subordinate to the Insured Mortgage but recorded between the original Policy date and the date of the endorsement. This coverage under these endorsements is less than provided by a Datedown Endorsement, in that it does not extend all coverage under the policy to a current date.

Mortgage Modification with Additional Insurance

This Endorsement is used when a mortgage modification is recorded and the amount of coverage is increased. It provides specific coverage against loss in the event the Insured mortgage is deemed invalid or unenforceable as a result of the modification OR if the mortgage does not have priority over matters not excepted in the original policy or detailed in the exception.

Trusted Commercial Real Estate Professionals

Commercial Partners Title Company consists of escrow agents, title closers, underwriters, and more experts who can help you through all the minute details of your next commercial transaction. We can perform a title search, underwrite an owner’s title insurance policy, and prepare all of your documents for closing. Contact our team of experts today to learn more about our capabilities and how we can help you with your next transaction. You can find us at our offices in downtown Minneapolis. We work with clients throughout the state of Minnesota and around the United States.

August 15, 2019 by Mark Goodman

Tax Parcel & Tax Credit Endorsements

Weeding through the vast array of ALTA endorsements can be overwhelming. We’re here to make it a little easier for you. In this article, we are going to talk about the ALTA endorsements for tax parcels and tax credits.

Tax Credit Endorsements

This Endorsement was created to address coverage required by tax credit investors in projects which have been awarded Tax Credits under the Internal Revenue Code or other law. The Endorsement provides affirmative coverage against loss if Tax Credits are lost solely as the result of a title defect. The ALTA 40 is used in a situation where the value of the Tax Credit is included in the Amount of Insurance. If the ALTA 40.1 Endorsement is used instead, the Policy can be issued in the amount of the Fair Market Value of the Land, with the Endorsement providing additional coverage for the value of the Tax Credits.

Tax Parcel Endorsements

This endorsement insures the insured owner or lender against loss if the land is taxed as part of a larger parcel or fails to constitute a separate tax parcel. The 18.1 additionally identifies the specific Tax Identification Numbers that relate to each identified parcel, that the parcels are not taxed with any other land, or that the easements, if any, described in Schedule A can be cut off by non-payment of real estate taxes or assessments against the servient estate. An alternative endorsement is available for situations that arise when a separate tax parcel will be available in a subsequent tax year. For example when a plat is filed or a tax parcel is split.

Commercial Title Company

Commercial Partners Title is a commercial title company with decades of experience facilitating transactions of all shapes and sizes. We can help you through all the steps of your commercial real estate transaction and make sure you are fully prepared when it comes time to sit down at the closing table. Reach out to our commercial real estate experts today at our office in downtown Minneapolis for help with your next transaction. We work with clients with properties in Minnesota and across the country!

August 13, 2019 by Mark Goodman

3 Endorsements that Can Be Used in a Lender’s Title Insurance Policy

In a recent article, we talked about a few endorsements that can be used in an owner’s policy of title insurance. In this article, we are going to discuss a few endorsements that can be used in a lender’s title insurance policy.

Aggregation Endorsements

This 2006 ALTA loan policy endorsement is used when a single debt is secured by mortgages on multiple parcels of land insured by multiple policies (most likely in situations where properties are in different states with different title insurance premium rates, thus different policies). The endorsement ties all of the policies together so that the Company’s liability under each policy is the total amount of all the insured mortgages. The Company’s maximum liability under all of the policies, however, is also the total amount of the insured mortgages. The Company’s liability under each policy is still limited by the Conditions of the policy except that it is not limited to the amount of insurance specified in Schedule A of the policy. The ALTA 12.1 is used when a state has a mandated liability limitation for a single risk.

Anti-Taint Endorsement

This endorsement is used when a mortgage secures both a revolving credit facility and a term loan facility. It provides a lender with protection against loss as to priority of the term loan facility because of the reductions and subsequent increases of the revolving loan facility.

Assignment Endorsement

This Endorsement is ordinarily issued when a Mortgage is assigned and the Assignee wants protection against loss in the event that the assignment is not valid and enforceable. The Endorsement recognizes the Assignee as the Insured and provides specific coverage against loss in the event that the assignment fails to vest title to the Insured Mortgage in the Assignee OR in the event there have been modifications or releases of the Mortgage that are not identified in the Policy or the Endorsement. This endorsement does not advance the effective date of the policy.

Get Commercial Title Insurance

For more information about lender’s title insurance endorsements, request a copy of our endorsement book. The team at Commercial Partners Title can help you through the entire process and make it as effortless as possible for you. We will put our decades of experience to work for you to ensure the success of your transaction. Reach out to our commercial title experts at our office in downtown Minneapolis today to learn more about our services and how we can help facilitate your transaction!