Your Weekly ALTA Commitment Tidbit

Clarification on Schedule B-I of the New ALTA Commitment

Dear Members,

New ALTA Commitment weekly tidbit: Schedule B-I requires notification to the "Company" of any changes in the proposed buyer or lender after the issuance of the commitment. Here is the language from the commitment:

The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions.

So what does it mean to notify the "Company?" Here is the process we have established (subject to change if need be):

• If you obtained a commitment through the Branch - send written notice to the branch of any changes for transactions over $1 million. If $1 million or less, notice to the Member/agent is sufficient for notice to the "Company".
• If you prepared the commitment, send written notice to underwriting of any changes for transactions over $1 million. If the transaction is $1 million or less, notice to the Member/agent is sufficient for notice to the "Company".

This week I am heading to Tallahassee for a hearing on proposed changes to the unlawful inducement rule, conversations with legislators on various items and some FLTA business. The following week is ALTA's Advocacy Summit in Washington, D.C. I am REALLY looking forward to this trip and talking with folks on "the Hill" about our industry and needed changes. I will report back on all of these efforts when I return.

And then it is time for Fund Assembly! I always look forward to this incredible event where we celebrate your commitment to the attorney's role in real estate transactions. It is our opportunity to show you, in person, the importance of The Fund's Mission Statement and how we are working hard every day to provide you with what you need to be successful. I hope to see you there!

If traveling to Orlando is a hardship, we are offering (for the first time) a live online broadcast of the event. Visit the Fund Assembly Live Online Broadcast page [https://www.thefund.com/assembly/conference/livebroadcast.aspx] for more information.

Let me know how we can help you.

Best Regards,

MELISSA JAY MURPHY
Senior Vice President and General Counsel