AGENT’S PERSPECTIVE INSURANCE: CRITICAL TO PROTECTING YOUR HOME PURCHASE wills - all of which could potentially will review records from the county cloud or blemish the ’s title. recorder’s office and from various A property’s title generally consists tax agencies so that both the owner of a number of reports and records, and lender are assured that a thor- known as a property abstract or ough search has been made of all , which details former public records affecting the property. owners of the property. It is the title When someone is considering the professional’s job to “perfect” the purchase of a property, it is import- title by resolving liens and remov- ant that the property has marketable ing clouds when they find errors or title - that is, clear of any liens, judg- issues. ments, defects or . In California, there are two types is designed to protect of title insurance policies: a CLTA property owners and mortgage lend- ers against losses which result from (California Land Title Association) of ownership complications, home building ordinance violations, border policy which insures the property imperfections or omissions in title. When you take out a mortgage to buyers purchase title insurance at line disputes, subdivision restric- owner (and is optional) and a ALTA The one-time title insurance buy a home, your lender will require settlement. For a premium indication tions, private restriction violations, or (American Land Title Associa- premium is part of the costs that you get title insurance for the of what your title insurance will cost, violations. tion) policy, which is an extended for the loan, and like most insurance property. Title insurance can protect go to www.oldrepublictitle.com/ coverage contract that insures the premiums, the cost is based upon Like most insurance, title insur- you and your mortgage lender from rate-calculator/california lender against possible unrecorded the coverage amount. Payment of ance only seems useful when you financial loss due to legal expenses risks excluded in the CLTA policy. this premium can be a negotiable As with other types of insurance, actually need it – and then it seems if your home’s title is challenged. The CLTA title insurance coverage item between the buyer and the the title insurance company will indispensable! Title insurance protects you remains active until the property is seller. In Northern California, the allow you to expand your insurance against any events or errors that buyer usually pays the CLTA fee, coverage through policy endorse- sold, while the ALTA lender’s policy David Costello, occurred before you owned the remains in place until the loan is whereas in Southern California the ments, also referred to as riders, home, like improper or forged title paid off. CLTA policy is customarily paid by which you can typically add on Luxury Homes & Developments documentation, unpaid debt by pre- for a small price. Endorsements [email protected] Prior to the close of escrow, the ti- the seller. Payment for the ALTA vious property owners, or issues of may include others’ easements on tle company will examine all records policy is almost always paid by the ardilacostelloteam.com ownership resulting from conflicting home buyer. To avoid any number your property (such as the right of documenting the chain of title. They vehicular and pedestrian access),

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