May 2007

By Marvin Bagwell

After three years of meetings and discussions not only with title companies, but also with other players in the real property industry such as lenders, realtors and government regulators, ALTA revised its 1992 forms in 2006. On Nov. 8, 2006, TIRSA filed with the Insurance Department for approval to issue the 2006 ALTA forms in New York. On March 5, 2007, the Insurance Department approved the issuance of the new 2006 forms in New York, effective May 1, 2007. The 2006 forms contain many changes from the 1992 forms with which New York real estate practitioners have grown very much acquainted. Most of the changes are rather technical and most real estate attorneys will not encounter them in their day-to-day operations. However, there are five (5) significant changes of which real estate practitioners should be aware.

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