[WSBARP] title insurance coverage?

[Kailei Feeney]

Hi Justin:

The Owner's Extended requires a detailed inspection of the property.  Title companies (or at least Chicago Title) would also require an Alta As-built, survey to be submitted as well.  This survey will be typically cost a few thousand dollars.  Typically, the buyer pays for the additional surcharge to cover the Owner's Extended premium.   Also, it is the norm that the buyer will pay for the costs of the survey.

Considerations, beyond additional cost is time.  It will take the title company additional time to complete inspection of the property.  It also often takes a surveyor several weeks to complete the survey. Finally, I was told to make sure that the surveyor is familiar with surveys for Owner's Extended issues for title companies.  If they're not, let your title company know and they will send you those requirements.

Attached is a title policy comparison grid that I found useful (again for Chicago).

Finally, as I understand it,  issues that are disclosed from the inspection or the survey will be shown as exceptions from coverage on the policy.  The insured will have no coverage for these items.  The insurance comes in if the title company fails to reflect an issue on the title policy and then the insured suffers a loss as a result of that issue.  This was relayed to me as an issue by my friendly title contact that people are sometimes confused about

Regards,
Kailei

Kailei B. Feeney
Attorney-at-Law
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3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
kailei at westseattlelaw.com<mailto:kailei at westseattlelaw.com>
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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Justin Monro
Sent: Thursday, May 07, 2015 12:51 PM
To: 'wsbarp at lists.wsbarppt.com'
Subject: [WSBARP] title insurance coverage?

Listmates:

In the P&S agreement (NWMLS Form 22D) title insurance:  what is the difference between a Standard Owner's Policy and the Extended Policy Coverage?

Thank you.

Sincerely,


Justin K. Monro
Attorney at Law
The Monro Law Firm P.S. Inc.
1830 Bickford Ave. Ste 204
Snohomish, WA 98290
P:360.863.3728
F:360.863.3985

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