Insures the validity and enforceability of a contract of sale to purchase commercial property.
Requirements: The contract or a memorandum of contract must be recorded (Owner’s Policy).
Premium: The policy to be issued at regular fee policy premium rates must be for an amount not less than the down payment specified in the contract to an amount not exceeding the contract price and the cost of contemplated improvements and other development and construction costs.
When issued without a TIRSA Leasehold or TIRSA Cooperative endorsement, the premium is 120% of the regular Owner’s policy rate. Continuations searches to downdate the policy n excess of five are $200 each. The regular Owner’s premium paid, not including the additional 20% charge, will be a credit on a later issued Owner’s policy.
When an Owner’s policy with the endorsement is issued simultaneously with an Owner’s Policy that includes a TIRSA Leasehold or a TIRSA Cooperative endorsement, the premium is 30% of the otherwise applicable charge (30% of 120%).