In a recent article in Colorado Real Estate Journal, Spencer Fane Partner Robin Nolan explains five substantive ways in which the 2016 ALTA Commitment form differs from previous forms.
The American Land Title Association (ALTA) is the title trade association that creates and distributes forms used in real estate transactions. Robin mentions that the old form will be decertified on December 31, 2017 in favor of the new form and will differ in the following ways:
- Limits title companies’ liability to claims based on contract.
- Limits parties that can file suit against the title company.
- Does not state premium amounts.
- Discontinues the use of TBDs in the commitment.
- Limits the term of the title commitment to six months, unless extended.
Robin recommends that real estate professionals review the form in detail with attention paid to these changes.
For more detail, you can read the entire article here.
Robin Nolan represents purchasers and sellers of real estate, borrowers, landlords and tenants. She assists her commercial real estate clients with negotiating and drafting documents for real estate projects from the ground up, including purchase and sale contracts, easements, title review, restrictive covenants, declarations and maintenance agreements, leases, financing documents, and construction contracts.