Below you will find ALTA updates on Closing Protection Letters, new endorsements, technical corrections and a withdrawn endorsement.
Updated ALTA Closing Protection Letters
The Board approved a recommendation from the Forms Committee to revise the Closing Protection Letters:
- ALTA Closing Protection Letter - Single Transaction (12-01-2015)
- ALTA Closing Protection Letter - Multiple Transactions (12-01-2015)
The committee recognized the need to address wire fraud incidents and attempts, including a clarification of coverage extended to customers in the Closing Protection Letters.
- Clarification of the optional header details to add the Issuing Office and ALTA Registry ID.
- Clarification of Conditions and Exclusions to address wire fraud and related incidents.
- Clarification of Conditions and Exclusions to emphasize the prohibition of class actions should an insurer choose to exclude the optional Arbitration Clause.
New Endorsements Added
- ALTA Endorsement 3.3 (Zoning - Completed Improvement - Non-Conforming Use)
- ALTA Endorsement 3.4 (Zoning - No Zoning Classification)
- ALTA Endorsement 18.3 (Single Tax Parcel and ID)
- ALTA Endorsement 9-06 Restrictions, Encroachments, minerals - Loan Policy (04-02-2012) has been corrected to align the text following paragraph 4.a.ii for clarity.
- From "ALTA Endorsement 32-06 Construction Loan - Los of Priority" to "ALTA Endorsement 32-06 Construction Loan"
- From "ALTA Endorsement 32.1-06 Construction Loan - Loss of Priority - Direct Payment" to "ALTA Endorsement 32.1-06 Construction Loan - Direct Payment"
- From "ALTA Endorsement 32.2-06 Construction Loan - Loss of Priority - Insured's Direct Payment" to "ALTA Endorsement 32.2-06 Construction Loan - Insured's Direct Payment"
This endorsement has been withdrawn from final publication for further development.
- ALTA Endorsement 34.1 (Identified Exception & Identified Risk Coverage)