TYPES OF COVERAGE
2. ALTA Standard Owners Policy: The Owner’s Standard Policy will cover the buyer against issues that could be discovered by an examination of Public Record.
Please visit our website at www.ctic.com for a complete chart showing a deeper comparison of the three forms of coverage below:
Examples of these would be:
3. ALTA Extended Owners Policy: The Extended Owner’s Policy offers the most extensive title insurance as it covers not only matters of Public Record but also insures issues that are revealed as a result of a physical inspection or survey of the property. This is commonly issued for high value residential properties, large parcels of vacant land and commercial properties. • A document upon which your title is based was not properly filed, recorded or indexed in the Public Records. • Someone else has a right to limit your use of the land. • Someone else claims to have rights affecting your title arising out of forgery or impersonation. • Someone else owns an interest in your title.
1. Homeowner’s Title Insurance Policy: The Homeowner’s Policy is only available on single family homes to fourplexes. It must be owned by a “natural person” and not an entity such as a corporation or an LLC. In addition to the protections offered in the Standard Policy, the Homeowner’s Policy extends coverage beyond the issue date.
Examples include:
• You cannot use the land because use as a single family residence violates an existing zoning law or regulation. • You are forced to remove your existing structures which encroach onto an easement or over a building set-back line even if the easement or building set-back line is excepted in your title policy. • You do not have both actual vehicular and pedestrian access to and from the land based upon a legal right.
Policy coverage examples include:
• You are forced to remove your existing structures because they encroach onto our neighbor’s land. • Someone else has a legal right to, and does, refuse to perform a contract to purchase the land, lease it or make a mortgage loan on it because your neighbor’s existing structures encroach onto the land.
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STRENGTH | EXPERTISE | SERVICE
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