ALTA Homeowner's Policy of Title Insurance 1998
ALTA Loan Policy 1992
ALTA Owner’s Policy 1992
ALTA Short Form Residential Loan Policy 2000
ALTA Junior Loan Policy 1996

 

ALTA Homeowner’s Policy of Title Insurance 1998
The American Land Title Association adopted the Homeowner’s Policy of Title Insurance on October 17, 1998. The ALTA Homeowner’s Policy of Title Insurance provides more coverage to owners than the other ALTA Owner’s Policies. The ALTA Homeowner’s Policy contains 28 insuring clauses (“Covered Risks”) and an additional optional clause 29 providing some insurance as to an attached map (to be used in some western states based on custom).

 

ALTA Loan Policy 1992
A Loan Policy is issued to a lender making a loan secured by a mortgage on a parcel of land. The policy insures against the invalidity or unenforceability of the lien of the mortgage and against loss or damage should the priority of the mortgage be other than is shown in the policy. The policy designates the vested owner of the estate or interest insured and excepts to those defects, liens and encumbrances which in the judgment of the insurer should appear in the policy. The policy is not a report or abstract of title. Instead, the insured is indemnified against loss or damage should matters exist which are not shown in the policy. The insuring provisions of the policy are broad. However, their coverage is limited by the Exceptions in Schedule B, the Exclusions and by the Schedule of Conditions and Stipulations contained in the policy.

 

ALTA Owner’s Policy 1992
An Owner’s Policy is issued to the buyer of an estate or interest in land. The buyer is named as the insured and the policy states that title is vested in the insured buyer. The policy also excepts to those defects, liens and encumbrances which in the judgment of the insurer should appear in the policy. The policy is not a report or abstract of title. Instead, the buyer is indemnified against loss or damage should matters exist which are not shown in the policy. The insuring provisions of the policy are broad. However, their coverage is limited by the Exceptions in Schedule B, the Exclusions and by the Conditions and Stipulations contained in the policy.

 

ALTA Short Form Residential Loan Policy 2000
The Short Form Residential Loan Policy is issued to a lender making a loan secured by a one-to-four family residential lot or condominium. The policy insures against the invalidity or unenforceability of the lien of the mortgage and against loss or damage should the priority of the mortgage be other than as shown in the policy. The insuring provisions of the policy are broad. However, their coverage is limited by the Exceptions in Schedule B, the Exclusions from Coverage and the Conditions and Stipulations of the policy. In other ALTA policy forms (except the Master Residential Loan Policy) all of the policy provisions are contained within the policy itself. The Short Form Policy uses a different format. This Short Form Policy incorporates by reference the Exclusions and Conditions and Stipulations contained in a standard ALTA Loan Policy form. It contains a printed Schedule B which excepts to certain defects, liens and encumbrances. However, certain specific coverage is given with regard to these matters. Coverage may include violation of building restrictions, damage from the use of easements, encroachments and damage to the land from the exercise of mineral rights. Title risks that are unacceptable to the insurer are shown in an Addendum to the policy. Additional coverage by certain standard endorsements may be added merely by checking appropriate boxes in the policy form. A desirable feature of the Short Form Policy is that it may be easily reviewed by the lender and requires reduced file space.

 

ALTA Junior Loan Policy 1996
The ALTA Residential Limited Coverage Junior Loan Policy includes the Insuring Provisions, Exclusions From Coverage, Conditions and Stipulations, and Insert (or Schedule). This form does not insure the validity of the insured’s mortgage and it does not insure that the Grantee (who will generally be the mortgagor) owns the land. It does provide defense costs as stated and does insure a later owner of the debt secured by the insured’s mortgage. This form is issued before the Junior Mortgage is executed; it is similar to a commitment to insure.

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