What significant change was made in the 2006 ALTA owner's policy regarding disclosures made by a survey?

The significant change made in the 2006 ALTA owner’s policy regarding disclosures made by a survey pertains to the fact that such provisions were not explicitly included in the 1992 version of the policy. This update reflects the evolving standards in the title insurance industry, where the clarity and importance of survey information, particularly regarding the property’s boundaries and access, have become more prominent.

In the context of title insurance, the incorporation of survey disclosures in the 2006 policy addressed concerns related to Manner and Quality of Property’s Title. A survey can provide crucial insights into easements, encroachments, and zoning issues—factors that can significantly impact the title’s validity and marketability. Therefore, by including this aspect in the 2006 policy, the ALTA aimed to enhance transparency for property owners and buyers regarding potential issues that a survey could reveal, which were not clearly articulated in the earlier version.

Understanding the evolution of title insurance policies helps industry professionals appreciate the importance of surveys and the detailed information they can provide, which ultimately protects consumers and supports informed decision-making.