In commercial title insurance, there are a wide variety of ALTA endorsements that can be used to modify a policy of title insurance. In this article, we are going to discuss the ALTA tax parcel endorsement and explain when it can be effectively utilized in a commercial title insurance policy.
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.
Title Insurance Specialists in Minnesota
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