POTENTIAL PROBLEMS: WHEN EXTRA TITLE INSURANCE COMES IN HANDY

Listed are potential scenarios in buying a home.

For additional explanations please contact escrow office.

Scenario 1

The current homeowners purchased their property eight months ago. The city notifies them that the Seller’s addition on the home has been “red-tagged” because it is not legally permitted.

Their Choices are:

• Pay the permit fees and bring the addition up to code.

• Tear down the room.

The homeowners contact their agent questioning why an unpermitted room was not disclosed to them prior to purchasing the property. The agent’s Broker gets involved and contacts the title company who insured the property. Under the ALTA Residential Policy, without the added protection, the title company denies the claim on its policy.

However, the Added Protection Provides Coverage

Scenario 2

The current homeowners purchased their property eight months ago. The homeowners association notifies them that their seconds story room addition, built by the former owner is in direct violation of the CC&R’s and must be removed. The homeowners association also informs them that the orange ca-sitas roof tile installed prior to purchase violates the restrictions in the CC&R’s and must be changed. The homeowners contact the agent inquiring why they didn’t go over the CC&R’s prior to closing. Under the ALTA Residential Policy, without the added protection, the title company denies the claim on its policy.

However, the Added Protection Provides Coverage

Scenario 3

The current homeowners are in escrow to finance the property. The preliminary report shows a sec-ond deed of trust on the property. The homeowners claim they never executed a second deed of thrust and request a copy of the signed document. To their dismay, their names are forged on the trust deed. Under the ALTA Residential Policy, without the added protection, the title company denies the claim on its policy.

However, the Added Protection Provides Coverage

Scenario 4

The current homeowners ask their next door neighbor to stop building a patio cover which is encroaching onto their property. The neighbor continues building the cover. Under the ALTA Residential Policy, without the added protection, the title company denies the claim on it’s policy.

However, the Added Protection Provides Coverage

Contact me today for a marketing proposal for your home and you’ll see why my listings sell faster and for more money than the rest!

480-788-3232
Serena@SereneLivingAZ.com

Contact me today for your FREE Home Consultation!

    Your Name (required)

    Your Email (required)

    Your Phone Number (required)

    The Claims History Report

    First, lets just clear something up... The Claims History is NOT the same as a CLUE report. We do not get a CLUE report from the insurance company. A CLUE is a Comprehensive Loss Underwriting Exchange report. A CLUE report will give you the claims history, sure, but...

    The Sellers Disclosures (SPDS)

    The Sellers Property Disclosures Statement is commonly known in the Real Estate world as the SPDS (or Spuds, but never spell it that way!). In the state of Arizona, we are what you would refer to as a Disclosure State. That means that the seller of a property is...

    Proof of Funds

    When you are buying a home with cash, the contract states that a proof of funds (POF) will be provided. There is no standard form however. Proof, is proof. So, what would be considered a valid proof of funds? Bank statement. If you choose to do this, you should...

    The Cure Notice

    In the purchase contract, there are MANY items that both parties are responsible to follow. If you do not follow these terms of the contract, you may be in breach. However, according to the Arizona Purchase Contract, if you are outside of the terms of the contract,...

    230 N Mt Vernon Ave in Prescott AZ for Sale

    230 N Mt Vernon Ave in Prescott AZ for Sale

    Anyone that has ever visited Prescott has likely driven down Mt Vernon Ave and dreamed of owning one of the charming historic homes along the street. 230 N Mt Vernon Ave has been meticulously maintained and renovated in it's historic charm. Now you have a chance to...

    MYTH: Realtors are here to help you search for homes

    MYTH: Realtors are here to help you search for homes

    Theory: Real estate agents help people search for the right home. Right?   MYTH   As much as I do search for homes, be honest, you're searching too... 90% of the time, you don't buy the home that fits into the criteria you tell your agent anyway. No matter how much I...

    Pin It on Pinterest

    Share This