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San Diego Home Buyers,Important Steps To Protect Your Home Investment

Your Home's Investment

If you are in the process of buying a home ask your Real Estate Agent when submitting your offer to ask for:

1)  THE CLTA/ALTA HOMEOWNER’S POLICY: There are 3 forms of title policies offered in California. The CLTA Policy (Standard Policy), ALTA-R (ALTA Residential) and the ALTA Homeowner’s Policy.The distinction is that the CLTA Policy only offers very limited protection against defects such as liens and encumbrances (these items are not part of the public record). The ALTA-R Policy provides greater coverage against several (but not all) off-record matters. Numerous title companies will only issue the CLTA Policy (Standard Policy) on REO and Short Sale transactions. This coverage is not enough to protect the most comprehensive policy available to you. Remember to request the ALTA Homeowner’s Policy for your purchases on all 1-4 unit residential properties.

2) MAKE SURE THAT THE POLICY IS ISSUED “WITHOUT WESTERN REGIONAL EXCEPTIONS”. Beware of these exceptions to  coverage. They include some of the most common issues that later become title claims. “Western Regional Exceptions” exclude coverage in the policy from matters such as easements not shown in the public record, certain tax liens which should be cleared before closing, boundary line discrepancies and other matters. Some title companies will issue the CLTA/ALTA Homeowner’s Policy, but then include these as exceptions later in the report. A good idea is to write in the contract “Without Western Regional Exceptions”(when the property is located in San Diego, Orange, Riverside and San Bernadino Counties).

For More Information on San Diego Real Estate Call Pam and Joanna, we are here to help and we answer our phones.

PAM PARTON  760-580-1615               JOANNA WOOLLEY 760-580-1630

Content courtesy of Brian Olenik, Corintian title.