ALTA POLICY COMPARISONS

The Owner’s Policy as defined by Wikipedia “assures a purchaser that the title to the property is vested in that purchaser and that it is free from all defects, liens and encumbrances except those listed as exceptions in the policy or are excluded from the scope of the policy's coverage. It also covers losses and damages suffered if the title is unmarketable. The policy also provides coverage for loss if there is no right of access to the land. Although these are the basic coverages, expanded forms of residential owner's policies exist that cover additional items of loss.

The liability limit of the owner's policy is typically the purchase price paid for the property. As with other types of insurance, coverages can also be added or deleted with an endorsement. There are many forms of standard endorsements to cover a variety of common issues. The premium for the policy may be paid by the seller or buyer as the parties agree.”

ALTA HOMEOWNER’S POLICYEXPANDED COVERAGE:

The ALTA Homeowner’s policy offers what we believe to be the most comprehensive coverage available. Two items to note: In addition to the level of coverage afforded by Standard Owner’s Policy, the ALTA Homeowners policy offers Post Closing Coverage on certain items.

Specific items covered by the ALTA Homeowners policy are subject to Customer Deductibles and a Maximum Liability Amount per said covered item.

ALTA OWNER’S POLICYEXTENDED COVERAGE:

Extended coverage provides additional protection against loss due to off-record matters including, but not limited to the following:

Unrecorded liens; undisclosed easements, except underground easements; survey and boundary questions; and any lien, or right to a lien, for labor, material, services or equipment, or for contributions to employee benefit plans, or liens under Workmen’s Compensation Acts, not disclosed by the public records.

ALTA OWNER’S POLICYSTANDARD COVERAGE:

Standard coverage offers the least comprehensive form of title insurance available.

Even though the Homeowner’s policy is an excellent choice, the Realtor® should always make sure that the buyer and seller understand that there are options to choose from. If another form is desired by the buyer, it must be addressed in the purchase and sale agreement, and then it must be confirmed that the title commitment reflects the correct policy.

Undisclosed ormissing heirs

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Unrecorded liens

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