All Title Insurance Policies Are Not The Same - Western Regional Exceptions

By
Title Insurance with First American Title Company ePro, MBA

First American Title of San Diego knows that The future is in your hands

Your clients count on you to guide them through the real estate process.

Your clients may no know that all title policies are not the same.  No matter what is written on the purchase contract, not all title companies provide the maximum coverage.

You are not a title expert.  What can you do to represent your clients properly while they are purchasing a residential property (1-4 units)?

1.  Request the broadest coverage - the ALTA/CLTA Homeowner's Policy (the key word here is "Homeowner's) WITHOUT WESTERN REGIONAL EXCEPTIONS.  First American Title San Diego, CA issues this policy AUTOMATICALLY unless:

- The buyer is other than an individual(s) or trust (for example an LLC) - then First American will issue the ALTA-R Policy

- The land is unimproved (vacant) - then First American will issue the ALTA Standard Owner's Policy

2.  When your buyer is purchasing a residential property and the title company is other than First American, look at the PRELIMINARY Report where it says "The form of policy of title insurance contemplated by this report is:"

- make sure it says "Homeowners" in the policy description, such as "ALTA/Homeowner's Policy" or "CLTA Homeowner's Policy"

- CHECK SCHEDULE B to make sure that the WESTERN REGIONAL EXCEPTIONS are not listed there.

3.  If you do not confirm that your client is getting the broadest title coverage, your clients will have more risk of exposure to the following title problems IN THE FUTURE:

- Encroachments

- Building Permit Violations

- Taxes or Assessments that are not yet recorded or levied

- Any liens, encumbrances or claims not shown by public record

- POST Policy forgery, adverse possession, prescriptive easement, inflation coverage, living trust coverage

- and much more!

First American Title of San Diego CA have a fantastic title officer team of professionals that can help you close transactions and with the protection your clients deserve.

Make it a profitable day!

Posted by

Make it a profitable day!

Scott Hoen

SHoen@FirstAM.com

Direct:  (714) 250-5014

Cell:  (714) 270-9607

"The Views expressed herein reflect only the individual's personal views and are not the views of the author's employer."

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western regional exceptions
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