By: Michael Donini, Esq., Senior Commercial Counsel, Madison Title Agency
Global warming, melting polar ice caps and super storms are just a few of the news bylines that we hear about on a daily basis. Tidal waters are especially complex. The general rule is that all lands below the mean high tide line are subject to ownership by the state, which holds them in trust for the people of the state. Since tidelands are held by the state, this can represent a challenge in a real estate transaction which involves tidelands. An unaddressed tidelands claim will be a cloud on the property owner’s title.
A wise practitioner would be prudent to recognize the impact of water and water rights on real estate and take the necessary steps to address those issues. Continue reading
Tags: bulk head, cloudy property title, conveyance, global warming, mean high tide, melting polar ice caps, natural waterway, Riparian Grant, Riparian land, state-owned property, super storms, tidal water, tideland, Tideland Lease
By Michael L. Donini, Esq., Senior Commercial Counsel, Madison Title Agency
A mortgage normally enjoys priority for title / ownership based on the date of its recording. In general, liens or other judgments recorded prior to the mortgage are superior to the mortgage itself. Interests that are recorded subsequent to the mortgage being recorded are generally considered subordinate.
However, there are certain exceptions to the “First in time, First in right” rule of priority. A key exception to the rule is with a Purchase Money Mortgage. Here is why and when Purchase Money Mortgages are given super priority. Continue reading
Tags: constructions liens, federal tax liens, first in right’, judgments, liens, mechanics liens, mortgage, mortgage priority rules, non-title-holding spouse, owner financing, purchase money mortgage, refinance mortgage, refinancing, security instrument, seller financing, statutory joint right of possession, super priority, ‘first in time
By Michael Donini, Esq.
While time may not always allow an attorney to read through every detail of the boilerplate title insurance policy, a skilled practitioner should definitely know the exact details of the customized portions of the policy and the scope of the title insurance coverage given by endorsements. Why? Because a full understanding of policy endorsements and their benefits will ensure a client’s proper title insurance coverage. Continue reading
Tags: access, ALTA 4, endorsements, lender’s title insurance policy, line of credit, mezzanine loans, non-imputation during a partnership buyout, Owner’s title insurance policy, property contiguity issues, revolving credit, title insurance, title insurance policy endorsements, title insurance underwriter, zoning
By Michael Donini, Esq.
Senior Commercial Counsel, Madison Title
Earlier this summer, five regional title insurance underwriters reported their decision to join forces and form the American Title Reinsurance Alliance (ATRA). The Agents include National Title Insurance, Alliant National Title Insurance, Attorneys’ Title Guaranty Fund, Connecticut Attorneys Title Insurance, and Security Title Guarantee—and more may be joining the fold.
What’s behind this alliance, and what are the pros—and cons? Is it a game changer? Continue reading
Tags: Alliant National Title Insurance, American Title Reinsurance Alliance, ATRA, Attorneys’ Title Guaranty Fund, Connecticut Attorneys Title Insurance, National Title Insurance, Security Title Guarantee, title insurance, title insurance exclusions, title insurance market consolidation, title insurance policies, title insurance underwriter
There may be other reasons we are driven to a sit-down closing. Could there be a sub-conscience need for human beings to physically interact with one another? Is there a primordial instinct for human beings to engage others? Continue reading
The big day has arrived. The buyer, seller and lender have finished their jockeying for position and decided on the settlement terms for the purchase of a Commercial Real Estate property. Continue reading