Scott Miller, Advisory Member's Blog (19)

European Title Insurance Questions and Answers

Overview



What is title insurance?



Title insurance guarantees that buyers and lenders benefit from clean ownership title. It provides



coverage against financial loss arising from title defects and other irregularities relating to



property acquisition and mortgage finance. It, therefore, re-establishes clean title on behalf



of the owner.







Title insurance also frees investors and their lenders from having…

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Added by Scott Miller, Advisory Member on June 18, 2014 at 9:57am — 1 Comment

Tsunami in distressed CRE

Tsunami

The most pressing question I am asked by clients, buyers, sellers, brokers at meetings or presentations is “Where is the supply”. Heck at my own company they are looking at why business in the commercial…

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Added by Scott Miller, Advisory Member on April 13, 2010 at 1:03pm — No Comments

Real Estate is an emotional purchase (CREDAA)

Over the last few months I have read articles dealing with the economy, the real estate market and trends of purchases from batteries to buildings. The funny thing is when I read these articles I try to find the light at the end of the tunnel in them. Most if not all are downers. Consumer confidence is a key factor in the recovery of any market and especially the emotionally charge real estate market. People buy the properties for a profit yes, and for future income yes, but after purchasing… Continue

Added by Scott Miller, Advisory Member on December 14, 2009 at 1:10pm — 1 Comment

Common Law Escrow Duties and Liabilities (part 2)

Duty to comply with the escrow instructions

An escrow agent must comply strictly with the escrow instructions. Styrk v. Cornerstone Inv., Inc., 61 Wn. App. 463, 472, 810 P.2d 1366 (1991); National Bank v. Equity Investors, 81 Wn.2d 886, 910, 506 P.2d 20 (1973). The escrow instructions are a contract between the principals to the escrow and the escrow agent, and the escrow instructions/contract can be written or oral. An oral contract arises if the terms of the escrow are not based… Continue

Added by Scott Miller, Advisory Member on June 22, 2009 at 12:14pm — No Comments

Fundamentals of Real Estate Closings in Washington, Common Law Escrow Duties and Liabilities (Part 1)

Fundamentals of Real Estate Closings in Washington

IV. Common Law Escrow Duties and Liabilities



Gretchen Valentine is Underwriting Counsel for Fidelity National Title, where she advises company employees on title, escrow, and corporate practices. Gretchen received her BA from Whitman College and her JD cum laude from the Northern Illinois University College of Law. She was admitted to the Washington State Bar in 1991, and from 1991 to 1993 she clerked for the Honorable H. Joseph… Continue

Added by Scott Miller, Advisory Member on June 15, 2009 at 10:35am — No Comments

How to get the best title coverage for your client (part 14) CONCLUSION

CONCLUSION



1. Maximize Title Company Resources to Resolve Problems



The title officer is an excellent resource for information, suggestions and pricing, and an on-going relationship with a good title officer can be a valuable asset to any person who regularly engages in real property transactions. With today’s modern computerized title plants, a title officer has a great deal of information at his or her fingertips, and a title officer is often willing to “go the… Continue

Added by Scott Miller, Advisory Member on June 11, 2009 at 10:02am — No Comments

How to get the best title coverage for your client (part 13) Special Form Endorsements

Special Form Endorsements



a. Affirmative Coverage (except unmarketability) (1-1-94)



The affirmative coverage endorsement amends the policy to insure the Insured against any loss or damage resulting from a recorded defect, lien or encumbrance, which is listed as a Schedule B exception and is identified within the endorsement.



b. Bona-fide Purchaser (1-1-94)



The bona fide purchaser endorsement assures the named insured that paragraph 3(e) of the… Continue

Added by Scott Miller, Advisory Member on June 8, 2009 at 8:37am — No Comments

How to get the best title coverage for your client (part 12) CLTA

CLTA Endorsements

a. CLTA 100.7 - Prior CC&R Violation (9-10-93)



The CLTA 100.7 insures owners against loss due to a final court order enforcing the CC&Rs, based upon a pre-policy violation of the specific provision of the CC&Rs identified in the endorsement.



b. CLTA 100.29 - Mineral Reservation (9-10-93)



The CLTA 100.29 insures against damage to existing improvements caused by the surface extraction or development of minerals that are… Continue

Added by Scott Miller, Advisory Member on June 4, 2009 at 3:24pm — No Comments

How to get the best title coverage for your clients (Part 11) ALTA Endorsements

Following is a brief description of the endorsements more commonly used in residential and commercial transactions.



ALTA Endorsements



a. ALTA 1 - Street Assessments (6-1-87)



The ALTA 1 insures against the possible consequences of a street assessment lien gaining priority over the insured mortgage.



b. ALTA 3 - Zoning & Use (6-1-87) (CLTA 123.1)



The ALTA 3 provides assurances to the insured: (a) that the premises are currently… Continue

Added by Scott Miller, Advisory Member on June 3, 2009 at 7:23am — No Comments

How to get the best title coverage for your client (part 10) ENDORSEMENTS ADD VALUE

ENDORSEMENTS ADD VALUE



The conditions and stipulations of ALTA title insurance policies provide that the policy terms may not be amended except by a written endorsement attached to the policy and signed by a corporate signatory. ALTA Owner's Policy (10-17-92), Conditions and Stipulations paragraph 15(c). Endorsements may be used for a variety of purposes: to provide coverage not included within the basic policy, to provide affirmative coverage against loss arising from the… Continue

Added by Scott Miller, Advisory Member on May 26, 2009 at 9:57am — No Comments

How to get the best title coverage for your client (part 9) REVIEWING THE TITLE COMMITMENT

REVIEWING THE TITLE COMMITMENT



1. Check for Accuracy



Review the commitment for title insurance carefully to make sure that the information provided in Schedule A of the commitment is consistent with your understanding about the property that is the subject of the report. Check the following:



Check the type of policies requested. If you requested extended coverage, does the commitment reflect that?

Check the policy amounts. Are they the policy… Continue

Added by Scott Miller, Advisory Member on May 20, 2009 at 9:28am — 1 Comment

How to get the best title coverage for your client (part 8)

ALTA Homeowner’s Policy of Title Insurance for One-to-Four Family Residence (10-17-98)



In 1998, the ALTA promulgated a new policy form, which provides significantly expanded coverage for the owner of one-to-four family residential property. Rather than providing four general insuring clauses, the 1998 policy insures against 29 covered risks. For the first time, title insurance covers some risks occurring after the policy date, and the covered risks insure against loss due to… Continue

Added by Scott Miller, Advisory Member on May 19, 2009 at 9:21am — No Comments

How to get the best Title coverage for your client (part 7)

ALTA Loan Policy (10-17-92)



The ALTA Loan Policy (10-17-92) insures the lien priority of mortgages, deeds of trust, or other consensual liens granted by the vested owner of the land described in Schedule A. It contains the same insuring provisions, exclusions from coverage, and conditions and stipulations as the 1987 ALTA Loan Policy (10-21-87), with the exception of an additional exclusion from coverage for creditor's rights. Exclusion from coverage no. 7 excludes from… Continue

Added by Scott Miller, Advisory Member on May 12, 2009 at 4:35pm — No Comments

How to get the best title coverage for your client (part 6)

ALTA Owner’s Policy (10-17-92)



The 1992 ALTA Owner's Policy (10-17-92) insures the title held by the vested owner of the land described in Schedule A, subject to the exclusions, exceptions, conditions and stipulations. The 1992 Owner’s Policy is identical to the 1987 ALTA Policy (10-21-87) with the exception that the 1992 policy contains an additional exclusion from coverage for creditors' rights. Under Exclusion 4, the policy excludes from coverage loss or damage, costs,… Continue

Added by Scott Miller, Advisory Member on May 6, 2009 at 3:19pm — No Comments

How to get the best title coverage for your client (part 5) Policies

POLICIES



The American Land Title Association (ALTA) is a national association consisting of title insurers, agents, and affiliated members. The ALTA maintains a Title Insurance Forms Committee, which meets periodically to consider proposed changes to ALTA policy and endorsement forms. In the past 15 years, the ALTA Forms Committee has made the following significant changes to the original 1970 ALTA policies:



1984 - The first significant change occurred in 1984 when… Continue

Added by Scott Miller, Advisory Member on May 5, 2009 at 3:23pm — No Comments

HOW TO GET THE BEST TITLE COVERAGE FOR YOU CLIENT (part 4)

Exclusions from Coverage



Although the general insuring provisions provide broad title insurance coverage, the exclusions from coverage limit that coverage by identifying those matters that the insuring provisions are not intended to cover at all. Although the exclusions from coverage applicable to ALTA owners' and lenders' policies differ slightly, Exclusions 1 (laws, ordinances, governmental regulations, and police powers) and 2 (eminent domain) are the same in owner's and… Continue

Added by Scott Miller, Advisory Member on May 1, 2009 at 9:49am — No Comments

How to get the best title coverage for your client (part 3) What is Owners Coverage and Lenders Coverage

1. Owner’s Coverage



The general insuring provisions within most ALTA owner's policies insure against loss or damage "sustained or incurred by the insured by reason of:"



1. Title to the estate or interest described in Schedule A being vested other than as stated therein;

2. Any defect in or lien or encumbrance on the title;

3. Unmarketability of the title;

4. Lack of a right of access to and from the land.



ALTA Owner's Policy… Continue

Added by Scott Miller, Advisory Member on April 27, 2009 at 1:09pm — No Comments

In todays market know your title (Multi part series)

Variations in Title Coverage by State and Locality



Title insurance is regulated by the states to varying degrees, and policy forms and rates vary from one location to another. In Washington State, title insurance is regulated by the Office of the Insurance Commissioner, which reviews and approves all forms and rates. Each title insurer files policy forms for use throughout the state, but title insurers and title insurance agents file rates by county. For this reason, title insurance… Continue

Added by Scott Miller, Advisory Member on April 24, 2009 at 8:21am — No Comments

In todays market know your title (Multi Part Series)

INTRODUCTION



What Title Insurance Can and Cannot Do



On the date a preliminary commitment for title insurance is issued, title insurers provide proposed insureds with a “snapshot” of the status of title to real property. Then, between the date of the commitment and the date of the policy, the title insurer will amend its commitment to: 1) add additional exceptions for new matters affecting the title; or 2) delete exceptions for matters that the title officer is confident… Continue

Added by Scott Miller, Advisory Member on April 23, 2009 at 11:48am — No Comments

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