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Owner’s Policy of Title Insurance

FAQ's

Providing the Best to Homeowners
Homeowners depend upon the strength and stability of a reputable title insurer to back their policies for years to come. Our underwriters have a long and proud history of providing homeowners with the most innovative title and escrow products in the industry.

With the Law Offices of Harvey Scholl, P.A., homeowners can enjoy peace of mind knowing they are insured by one of the industry’s premier title insurers, Old Republic National Insurance Company. With the Owner’s Policy, they’ll enjoy even more peace of mind knowing they have the best title policy available.

Providing the Best to Real Estate Professionals

The superior coverage of the Owner’s Policy of Title Insurance, backed by one of the nation’s best title insurers, Old Republic National, provides outstanding benefits to real estate professionals as well. Here’s how you benefit:

Reduces the real estate professionals’ exposure in a transaction regarding certain regulatory matters.
Increases the client’s satisfaction and confidence by providing the finest protection available.
Helps ensure the client’s ability to resell the home in the future, free of potentially damaging title problems.
Gives the real estate professional and their client peace of mind in the increasingly complex world of real estate.
Informing clients about premium title insurance such as the Owner’s Policy makes good business sense.
With superior title coverage issued through and by a reputable title insurer, real estate professionals and clients benefit from two critical layers of protection.

Superior All-Inclusive Benefits from the Owner’s Policy
This superior policy gives our clients the most thorough and comprehensive coverage available in the title industry today.

The Owner’s Policy also provides the Following Additional Benefits

Pre and Post Policy Protections:  Owner’s Policy coverage protects homeowners against claims arising both before and after the policy date. The homeowner is covered if someone else has an interest in or claims to have rights affecting the title, or the title is defective.
Post-policy protection also includes coverage for forgery, impersonation, easements, use limitations and structural built by neighbors (except for boundary walls or fences) after the policy date.

Expanded Access Coverage: The Owner’s Policy provides homeowners with expanded access protection for right of access to and from the property. Traditional title policies do not define the type of access a homeowner has to the property, but the Owner’s Policy specifically insures both actual pedestrian and vehicular access, based upon a legal right.

Restrictive Covenant Violations:
The Owner’s Policy protects homeowners against the loss of title to property because of a violation of a restrictive covenant that occurred before the insured acquired title.

Subdivision Law Violations: The Owner’s Policy protects homeowners if they can’t sell the property or get a building permit  of a violation of an existing subdivision law. Homeowners are also protected if they are forced to correct or remove the violation. This coverage is subject to a policy deductible
and maximum limits of

Zoning Law Violations: The Owner’s Policy protects homeowners if they must remove or remedy existing zoning laws or (subject to the policy deductible and maximum limit of Homeowners are also protected if they can’t use the land for a single-family residence due to the way the land is zoned.

Encroachment Protections: Covers homeowners if forced to remove an existing structure because it encroaches on a neighbor’s land (coverage for encroachments of boundary walls or fences is subject to policy deductible and maximum limit of liability). Covers homeowners when someone else has a legal right to, and does, refuse to perform a contract to purchase the homeowner’s land, lease it or make a mortgage loan on it because a neighbor’s existing structures encroach onto the land.

Water and Mineral Rights Damage: The Owner’s Policy provides coverage if a homeowner’s existing improvements, including lawns, shrubbery and trees, are damaged because someone exercised a right to use the surface of the land for the extraction of or water.

Supplemental Tax Lien: The Owner’s Policy protects homeowners if a supplemental tax lien is filed and assessed against the because of new construction or a change of ownership prior to the policy date.

Map Inconsistencies: The Owner’s Policy provides coverage if the map attached to the homeowner’s policy does not show the location of the land, according to public records.

Continuous Coverage:
The Owner’s Policy covers homeowners forever, even if they no longer have the title. The policy insures anyone who inherits the title because of the homeowner’s death and the spouse who receives the title after dissolution of marriage. The Owner’s Policy also allows homeowners to transfer title to their home into a trust after the policy date and receive uninterrupted coverage, at no extra cost.

Value-Added Protection:
Traditional title policies don’t increase their coverage as the value of a home increases. Not so with the Owner’s Policy. The policy amount automatically increases by ten percent per year for five years, up to 150% over the original policy amount. This automatic increase in coverage is included at no extra cost.

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