Alta (noun):
1. A city in Norway, located in the county of Finnmark. It is known for its stunning natural landscapes, including the Northern Lights, and is a popular tourist destination.
2. A high-quality type of paper used for printing photographs or other visual materials. Alta paper is known for its smooth texture, vibrant colors, and excellent image reproduction.
3. An abbreviation for the American Land Title Association, a national trade association representing the title insurance industry in the United States. The ALTA sets standards and provides resources for professionals involved in real estate transactions and title insurance.
4. A short form of the term “alternative,” often used in the context of alternative medicine or alternative lifestyles. Alta refers to practices, beliefs, or choices that deviate from the mainstream or conventional norms.
5. A female given name of Latin origin, meaning “high” or “noble.” It is occasionally used as a first name for girls, particularly in Spanish-speaking countries.
Alta is a legal term that refers to a type of insurance policy commonly used in real estate transactions. It stands for American Land Title Association, which is a national trade association representing the title insurance industry in the United States.
An Alta policy is typically issued to protect the lender or property owner against any losses or damages that may arise due to defects in the title of the property. These defects can include issues such as undisclosed liens, encumbrances, or other claims that may affect the ownership or use of the property.
The policy provides coverage for both known and unknown defects in the title, up to the policy’s face value. It also covers legal expenses incurred in defending the insured’s title against any claims or challenges.
To obtain an Alta policy, a thorough title search and examination is conducted by a title insurance company to ensure that the property’s title is clear and marketable. The policy is then issued based on the findings of this examination.
Alta policies are commonly used in real estate transactions to provide protection and peace of mind to both lenders and property owners. They help to mitigate the risks associated with potential title defects and ensure a smooth transfer of ownership.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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