Title Insurance – What is an ALTA Policy?

Title Insurance – What is an ALTA policy?

In a normal re-sale escrow transaction in Arizona, title insurance is paid for by the seller to protect the new owner, the buyer. If the buyer obtains a loan to assist with the purchase, a second title insurance policy is required. This is called an ALTA Lenders Policy. ALTA is short for American Land Title Association. The association, over 100 years old, is comprised of title insurers nation-wide. Over the years, the term “ALTA Policy” has come to represent the policy issued to provide protection for the lender. The types of items covered include encroachments, unrecorded easements, boundary discrepancies, etc. [Read more...]