AGENT’S PERSPECTIVE TITLE INSURANCE: CRITICAL TO PROTECTING YOUR HOME PURCHASE wills - all of which could potentially will review records from the county cloud or blemish the property’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 chain of title, 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 encumbrances. In California, there are two types Title insurance 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 closing costs that you get title insurance for the of what your title insurance will cost, zoning 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), Find your pot of gold Real Estate in the Equity of your Home EXAMINER Your listing deserves every opportunity Reverse Mortgages are all that wee dodo!! possible. Reach your We pay attention to YOUR needs and can local audience through recommend the best loan option for YOU. the highest distributed We represent multiple lenders and can explainn publication in the the nuance between loan options. Bay Area. We are committed to providing only the “straight scoop” and incomparable client care. Happy St. Patricks Day We are your LOCAL Reverse Mortgage resource since 2004. CALL today to learn how a Reverse Mortgage loan can benefit you! Maryann Bologna San Francisco/Marin/Peninsula 415.850.6546 (650) 591-4400 [email protected] Judy Schwartz CA DRE – Real Estate Broker #01430328 Shannon Jacobs NMLS 319524 These materials are not from HUD or FHA and were not NMLS 2009947 CA DRE 01761198 approved by HUD or a government agency. CA DRE 02107384 SUNDAY, MARCH 7, 2021 · SFEXAMINER.COM · SAN FRANCISCO EXAMINER 5.