Extend Title Warranty For Free

General warranty deed: A general warranty deed is the most common type of deed used to transfer fee simple ownership of a property. Unlike a quitclaim deed, a general warranty deed does confirm a grantor's ownership and a legal right to sell.

The title insurance premium may actually amount to less than one percent of the purchase price of the home, and less than ten percent of the total closing costs. The buyer's title policy is good for as long as you and your heirs own the property with the payment of only one premium.

California Land Title Association Policies (CLTA) Standard CLTA coverage insures against the property being claimed by anyone other than the insured title owner. It also protects against any recorded claims on the title, including unpaid taxes by a previous owner.

It is typical in Colorado for the seller to select the title insurance company and to pay for the owner's title insurance, although the fees may be negotiated otherwise in the Colorado contract. Discuss this with your realtor, as it is part of the negotiation process between buyers, sellers and their realtors.

Section 8.1. 3 of the Colorado Real Estate Commission approved Purchase and Sale Agreement allows the parties to choose whether the buyer's title insurance policy will include Owners Extended Coverage (?OEC?). Owners Extended Coverage is a way to maximize title insurance protection beyond the basic coverage.

In California, there are two types of title insurance policies. The CLTA (California Land Title Association) policy insures the property owner and the ALTA (American Land Title Association) is an extended coverage policy that insures the lender against possible unrecorded risks excluded in the CLTA policy.

The title insurance premium is a one-time cost, with it usually being $250 in Canada. Title insurance coverage lasts for the entire time that you own the property and can even be passed to your heirs.