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)

    Behind the Scenes of a Real Estate Deal

    The job of the Real Estate agent is no longer to "find" you a home. Lets be honest… no matter how good I am at searching the MLS, you're spending 6 hours a night on every real estate site you can find, mostly because you're positive that you're better at finding THE...

    Is Your Agent Exceptional… or a DUD

    Arizona Licensed Agents As of writing this, there are around 92k licensed Agents in the state of Arizona. About half of those are in the Maricopa Valley area, including everything around Phoenix. It's said that about 20% of the real estate agents sell 80% of the real...

    Who Pays for the Real Estate Commissions?

    There has been an uproar in the Real Estate World recently, regarding the commissions paid to the buyers agents.   The Backstory NAR came under attack recently by the DOJ (Department of Justice), for their requirement that a seller offer a buyers agent...

    Switch Bait Financing Issues

    We're in a competitive market right now and buyers are getting desperate. They're up against multiple offers, with variant levels of risky conditions. Buyers waiving contingencies Buyers making earnest money non-refundable Buyers are paying cash more than ever Buyers...

    Hard Money Loans are Not the Same as Cash

    You're in a competitive market and you want to make a strong offer. You're tired of being beat out  by these cash investors. It's understandable… but what can you do? Some buyers have looking into hard money loans, as an option to avoid pitfalls in financing, like...

    Investors and Wholesalers

    Arizona is being purchased up by investors, and the public is feeling the strain. But who are these investors buying up all the homes and why?   iBuyers The iBuyer has been around for a while now, and a lot of sellers have benefited from them. They move in to an...

    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...

    Pin It on Pinterest

    Share This