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 extra mile” to provide information for a valued customer. A title officer is not an attorney and cannot provide legal advice, but a title officer routinely reviews recorded documents and may be able to share what the title officer has observed others do in response to particular problems. A title officer can suggest what would cause the title company to be comfortable removing a particular exception from title, and a title officer can provide up to date information about pricing. Do not hesitate to ask the title officer if the rate quoted is the lowest rate available and if any additional discounts might apply. Finally, be sure to ask the title officer for any free endorsements that may be available. Some endorsements are provided at no charge.

2. Beyond Insuring Title: Other Services That Can Benefit You.

Many title companies (both insurers and agents) continue to issue a variety of non-insurance products for work-related charges. These products usually contain disclaimers of liability and meet informational needs for customers not requiring title insurance. In addition, many title companies offer expanded services unrelated to title insurance that compliment the title insurers’ primary business. Those expanded services may include environmental site assessments, property condition reports, property appraisals, and tax services, among others. To find out which non-insurance products are available in your county, contact your local title officer.

Exhibit “A”

STANDARD COVERAGE

Schedule B Exceptions from Coverage

This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of:

1. Taxes or assessments which are not now payable or which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records; proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records.

2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or which may be asserted by persons in possession, or claiming to be in possession, thereof.

3. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records.

4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey of the land would disclose, and which are not shown by the public records.

5. 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.

6. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) Indian treaty or aboriginal rights, including, but not limited to, easements or equitable servitudes; or, (d) water rights, claims or title to water, whether or not the matters excepted under (a), (b), (c) or (d) are shown by the public records.

7. Right of use, control or regulation by the United States of America in the exercise of powers over navigation; any prohibition or limitation on the use, occupancy or improvement of the land resulting from the rights of the public or riparian owners to use any waters which may cover the land or to use any portion of the land which is now or may formerly have been covered by water.

8. Any service, installation, connection, maintenance or construction charges for sewer, water, electricity, or garbage collection or disposal, or other utilities unless disclosed as an existing lien by the public records.


Exhibit “B”

EXTENDED COVERAGE

Schedule B Exceptions from Coverage

This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of:

1. Taxes or assessments which are not now payable or which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records; proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records.

2. Underground easements, servitudes or installations which are not disclosed by the public records.

3. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) Indian treaty or aboriginal rights, including, but not limited to, easements or equitable servitudes; or, (d) water rights, claims or title to water, whether or not the matters excepted under (a), (b), (c) or (d) are shown by the public records.

4. Right of use, control or regulation by the United States of America in the exercise of powers over navigation; any prohibition or limitation on the use, occupancy or improvement of the land resulting from the rights of the public or riparian owners to use any waters which may cover the land or to use any portion of the land which is now or may formerly have been covered by water.

5. Any service, installation, connection, maintenance or construction charges for sewer, water, electricity, or garbage collection or disposal, or other utilities unless disclosed as an existing lien by the public records.

Views: 38

Comment

You need to be a member of COMMERCIAL REAL ESTATE PROFESSIONALS & INVESTORS GROUP to add comments!

Join COMMERCIAL REAL ESTATE PROFESSIONALS & INVESTORS GROUP

"Early Adopter Upside with 90% Downside Protection" Sale is now live with up to 6X bonuses

FOLLOW US

© 2020   Created by Jude G Regev.   Powered by

Badges  |  Report an Issue  |  Terms of Service