Effective immediately, a new commitment and title policy called ALTA 2006 is available for use in Indiana. The ALTA 92 policy will be withdrawn by ALTA on July 17, 2007. After that date, title companies will no longer be issuing the 1992 policies. Basically, the ALTA 2006 is replacing the ALTA 92.
In light of the above industry change, the IAR legal department has updated Purchase Agreement forms #34 and #2 in the Residential Forms library to add ALTA 2006 as a title policy choice. At the bottom of these two forms, it will read UPDATED MAY 2007. This change should post on May 1, per instructions from ZipForm.
Attached is a comparison of the ALTA 92 with the ALTA 2006 for your reading pleasure, if you so desire. We have also attached an “underwriting alert” letter verifying that the ALTA 92 policy will be withdrawn by July 17, 2007. It is unclear whether there will be additional fees for the ALTA 2006 versus the ALTA 92. Please direct specific questions regarding these policies to your local title company.
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