Which 2006 ALTA endorsement applies specifically to condominiums?

The ALTA 4.1-06 endorsement is specifically designed to provide coverage for condominium properties. This endorsement is crucial because condominiums have unique legal and ownership structures that differ from traditional single-family homes. The ALTA 4.1-06 endorsement addresses specific risks associated with condominium ownership, including the potential for loss due to the failure of a condo association to pay assessments, as well as overlapping mortgage interests in a common area.

In a condominium setting, there are shared common areas and separate interests in individual units, which can create complex legal scenarios not typically found in other types of real estate. The ALTA 4.1-06 endorsement helps to ensure that the title insurance policy provides adequate protection for these complexities, giving both lenders and owners confidence in their investment.

The other endorsements mentioned do not specifically address the unique requirements and risks associated with condominiums. For instance, ALTA 1-06 is a standard coverage endorsement, ALTA 3-06 pertains to zoning issues, and ALTA 5-06 mainly deals with access rights. Therefore, the ALTA 4.1-06 endorsement is the most appropriate choice for condominium properties due to its tailored coverage addressing specific concerns related to that type of property ownership.