Delete Natural Person Endorsement
There is an endorsement available entitled, “Delete Natural Person Endorsement”
The ALTA Homeowners Policy states that “It applies only to a one-to-four family residence and only if each insured named in Schedule A is a Natural Person.”
But what if you take title to a property as an entity (LLC, Partnership, etc)?
This endorsement permits the ALTA Homeowners Policy to be issued to an entity, which is not a natural person, such as a corporation, limited liability company, or partnership. Issuance is appropriate in cases such as where an individual is purchasing a one to four family residence and wishes to take title in the name in their own separate entity.
This endorsement amends Paragraph 2B of the ALTA Homeowner’s Policy with language similar to an ALTA owner’s policy, insuring corporate or fiduciary successors.
A sample of this Endorsement is available upon request.
Make sure your buyers are educated on their title policy coverages if they are NOT taking title as individual(s) or individual(s) trust.
All information contained herein is for informational purposes only and is not intended to offer advice -- legal, financial or otherwise -- about specific situations or problems. Information is deemed reliable but not guaranteed. Always consult a professional before making decisions about your real estate situation. Intended for distribution to only one per individual for marketing purposes only on behalf of Corinthian Title Company. Not for reproduction. For consumer use only.
