Many of our clients are surprised when we mention the availability of title insurance for leasehold interests. A tenant or leasehold mortgagee can protect their interest in leased property by use of the Alta 13 Endorsement. This endorsement protects the tenant’s right to possession for the term of the lease. Why would a tenant ever...
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Posts Tagged ‘ Encumbrances ’
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OWNER’S POLICY STANDARD EXCEPTIONS AND THEIR REMOVAL
Owner’s Policy Standard Exceptions and their removal: Many times during my career, I have had a buyer tell me: “My (insert lawyer, realtor or friend here) told me that I need to get my owner’s policy without Standard Exceptions, whatever that means.” This is good advice, but the buyer does not know what a...
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Common Law Instruments of Conveyance
At common law, and in Michigan today, transfers of property are usually effectuated via Quit Claim Deed or Warranty Deed. The purpose of this article is to instill in the reader a basic understanding of each instrument, as well as the proper use of each instrument. First off, some arts and crafts: The person or entity conveying property...
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