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<p class="MsoNormal"><span style="font-family:"Verdana","sans-serif";color:#002060">A purchase of all the shares of a corporation is considered a sale of the real property. The real estate sales tax applies. The purchaser should require a title insurance policy
to protect against loss due to the state of title or encumbrances on that title.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Verdana","sans-serif";color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Verdana","sans-serif";color:#002060">In addition, the purchaser should require a non-imputation [ALTA 15] endorsement to avoid the application of exclusions for Knowledge imputed from the selling shareholders.
Premium rate schedules valid through June 30 provide premium discounts for the renewed owner’s policy. However, all title company rate schedules will be completely new as of July 1 and we do not yet know what discounts will be available.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Verdana","sans-serif";color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Verdana","sans-serif";color:#002060">If the investor is acquiring only a fraction of the shares, less than 50%, then a new policy is not required and the ALTA 15.2 endorsement may be issued to the prior policy
to avoid the application of the exclusions for Knowledge imputed from selling or continuing shareholders.<o:p></o:p></span></p>
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