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Our Steps of Title Service Title Coverage Comparison
Documents We Prepare Conditions & Limitations
Enhanced ALTA Coverage Refinance | Title Re-purchase

Our Steps of Title Service

Steps We Take | Documents We Prepare

Initial Request for Title Insurance -- An order for title insurance is opened with a title officer who produces the initial response promptly, usually within 24 to 48 hours. A preliminary report can be issued with the minimum of information, without even identifying the buyer or the terms of the sale. The report shows the record title as it presently exists and is only an offer to provide insurance.

On-Site Search and Examination
-- Your title officer performs three searches: Property, Name and Tax searches.

Technical Review -- The skill and expertise of our title officer is the key to providing you with a useful, accurate title report. Once the report is issued, the review begins with a technical analysis of the documents of record. An interpretive view of all recorded matters is made to evaluate their impact on the title to the property. Among the questions the examiner asks are: Would any of the recorded matters prevent the buyer from using the property for its intended purpose? Can antiquated leases be eliminated from the policy per a review of the current leases.

Documents We Prepare

title service policy coverage

 

 

Conditions, Limitations & Detailed Information

For complete information concerning the coverage of the Chicago Title ALTA Homeowners Policy, please refer to the policy form. Please contact Patrick Henry Title Company for a copy or for details. The ALTA Homeowners Policy coverage has certain deductibles, liability limitations, exceptions and exclusions. This policy has been adopted by the American Land and Title Association (ALTA).

Preliminary Report: Showing the record title as it presently exists and
is only an offer to provide insurance.

Commitment: Showing the condition
of the title in the way we are willing
to issue it.

Pro Forma: A Specimen of what the requested policy, as requested, will look like. Underwriting issues not completed. Not binding upon the company.

Policy: Final Product. Contract of indemnity between named insureds and the company.

alta homeowners policy title insurance

When Refinancing
Your Mortgage Loan

We Can Help You Through the Transaction

For your refinance transaction with PHTC, you may qualify for a special title insurance rate based on the loan amount. Please contact us for details.

For more information regarding the importance of purchasing a new title insurance policy when you refinance, click here.

mortgage loan assistance

title insurance policy

Title Policy Coverage Comparison

COVERAGE ITEM   ALTA 1992
Owners
Policy
  ALTA NEW
Homeowners
Policy*
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Post Policy
Forgery
Protection
  No   Yes
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Enhanced Access Coverage   No   Yes
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Building Permit
Violations
  No   Yes
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Subdivision
Coverage
  No   Yes
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Restrictive
Covenant
Violations
  No   Yes
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Mineral
Extraction
Coverage
  No   Yes
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Coverage
Extended
to Living Trusts
  No   Yes
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Enhanced Encroachment Coverage   No   Yes
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Automatic Inflation
Protection
(5 Years)
  No   Yes
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* This coverage has certain limitations and exclusions that apply.
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homeowners title coverage

Enhanced ALTA*
Homeowners Coverage

Supplemental Assessments Coverage
The Chicago Title ALTA Homeowners Policy provides coverage with respect to supplemental real estate taxes not previously assessed against the land for any period prior to the policy date because of a change of ownership, new construction, or use that occurred before the policy date.

Map & Address Coverage
Coverage is provided to the insured when the map, if attached, does not show the correct location of the land, according to public record, and that a residence with the address shown in Schedule A is located on the land.

Continuous Coverage & Additional Insureds
The coverage of the Chicago Title ALTA Policy remains in force forever and covers the insured as well as his or her heirs, the trustee of a trust created by the insured, the beneficiaries of the turst upon the death of the insured, and the spouse of the insured who receives the land because of the dissolution of marriage.

Inflation Coverage
The amount of insurance of the Chicago Title ALTA Homeowners Policy automiatically increases at the rate of 10 percent per year (in each of the five years following the policy date with a maximum of 150 percent of the original amount of insurance without payment of an additional premium. This protects new homeowners in the event of an increase in the value of their home by raising the limit of insurance protection.

 
 

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