Get the free ENHANCED TITLE POLICIES

ENHANCED TITLE POLICIESAgent Webinar July 10, 2012, presented by Dwight Edwards, Bill Mórrígan & Nancy ReeseHISTORY American Land Title Association adopted this expanded coverage residential policy

How to fill out enhanced title policies

How to fill out enhanced title policies:

1. Start by gathering all necessary documents and information. This may include property deeds, loan agreements, survey reports, and any other relevant paperwork.
2. Review the specific requirements and guidelines provided by your title insurance company. Each company may have slightly different forms and procedures, so it's important to familiarize yourself with their instructions.
3. Carefully read through the policy form to understand the terms and conditions. Enhanced title policies provide additional coverage compared to standard title insurance policies, so it's essential to grasp the extent of the coverage and any exclusions or limitations.
4. Fill in all required fields and provide accurate information. This may include property details, legal descriptions, names of the insured parties, loan details, and any other relevant information as per the policy form.
5. If there are any discrepancies or issues with the property, such as liens, encroachments, or easements, make sure to disclose them in the appropriate sections of the form. Failure to disclose known issues could invalidate the policy or result in a denied claim in the future.
6. If necessary, consult with a lawyer or real estate professional to ensure that you are completing the form correctly and to address any specific concerns or questions you may have.

Who needs enhanced title policies:

1. Homebuyers: Purchasing a property is a significant financial investment, and title insurance provides protection against any unknown or undisclosed risks that could jeopardize ownership rights.
2. Lenders: Financial institutions that provide mortgages typically require title insurance to protect their interests in the property. Enhanced title policies offer an extra layer of coverage, which can reduce the lender's risk exposure.
3. Real estate investors: Individuals or companies involved in real estate investment can benefit from enhanced title policies, as they often deal with multiple properties and face a higher level of risk due to the volume of transactions.
4. Developers and builders: Those involved in property development or construction projects can mitigate potential risks associated with title issues by obtaining enhanced title policies. This coverage can provide protection against claims arising from faulty title search, survey errors, or other unforeseen circumstances.
5. Commercial property owners: Enhanced title policies are commonly utilized by owners of commercial properties, as the value of these assets is typically higher, and there may be more complex ownership structures or legal issues to consider.
6. Any individual or entity seeking additional peace of mind and greater protection against potential title-related risks may opt for an enhanced title policy. It offers expanded coverage, which can be beneficial in scenarios where the standard title insurance may not adequately address specific concerns.

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What is enhanced title policies?

Enhanced title policies provide additional protection for property owners by covering specific risks that may not be included in a standard title insurance policy.

Who is required to file enhanced title policies?

Enhanced title policies are typically required by lenders as part of the mortgage approval process.

How to fill out enhanced title policies?

Enhanced title policies can be filled out by a licensed title insurance agent or attorney who specializes in real estate law.

What is the purpose of enhanced title policies?

The purpose of enhanced title policies is to provide added assurance to property owners and lenders by protecting against certain risks related to the property's title.

What information must be reported on enhanced title policies?

Enhanced title policies must include details about the property's ownership history, any outstanding liens or encumbrances, and any potential title defects.