Page 274 - ALTA Endorsements Guide
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ALTA ENDORSEMENT RETURN TO TABLE OF CONTENTS
ALTA 46-06
Option
The ALTA 46 endorsement is used in situations where the insured named in a policy is the holder
of the specific option identified in the endorsement. The endorsement is limited in scope and
only insures the holder of an Option against any loss or damage arising out of: (1) a defect in
execution resulting from forgery, incompetency, incapacity, or impersonation of the Optionor; (2)
lack of authorization of Optionor to execute the Option; (3) the Option not being properly executed,
notarized, and delivered; and (4) a right to acquire an interest in the Option Parcel granted to
another person in the Public Records at Date of Policy. The validity, enforceability, and priority of
the Option is specifically excluded from coverage. This endorsement is available for both owner’s
and loan policies.
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