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<p class="MsoNormal"><span style="color:#1F497D">Hi Justin:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">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.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">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.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Attached is a title policy comparison grid that I found useful (again for Chicago).<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">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<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Regards,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Kailei<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:16.0pt;font-family:"Vladimir Script";color:#1F497D">Kailei B. Feeney</span><b><span style="font-size:16.0pt;color:#1F497D"><br>
</span></b><i><span style="font-family:"Garamond","serif";color:#1F497D">Attorney-at-Law<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-size:12.0pt;font-family:"Garamond","serif";color:#1F497D"><img width="198" height="110" id="_x0000_i1026" src="cid:image001.png@01D088CC.20BBF840" alt="cid:image002.png@01CE1502.B7F074B0"><o:p></o:p></span></i></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">3909 California Avenue SW<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">Seattle, WA 98116-3705
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">(206)938-5500
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#1F497D"><a href="mailto:kailei@westseattlelaw.com">kailei@westseattlelaw.com</a></span><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><a href="http://www.westseattlelaw.com/"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">www.westseattlelaw.com</span></a></span><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
<o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#002E8A">Click here to connect with de Vrieze | Carney on Facebook:
</span></b><b><span style="color:#1F497D"> </span></b><a href="https://www.facebook.com/DeVriezeCarney"><b><span style="text-decoration:none"><img border="0" width="100" height="30" id="Picture_x0020_1" src="cid:image002.png@01D088CC.20BBF840" alt="FB Logo"></span></b></a><span style="font-family:Nyala;color:#44524E"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:8.0pt;color:#A6A6A6">CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally privileged and/or confidential information. If you have received this e-mail in error, please notify the sender immediately
and delete all copies of this e-mail message and any attachment.</span><span style="font-family:Nyala;color:blue"><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Justin Monro<br>
<b>Sent:</b> Thursday, May 07, 2015 12:51 PM<br>
<b>To:</b> 'wsbarp@lists.wsbarppt.com'<br>
<b>Subject:</b> [WSBARP] title insurance coverage?<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Listmates:<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">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?
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thank you. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Sincerely,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Justin K. Monro<o:p></o:p></p>
<p class="MsoNormal">Attorney at Law<o:p></o:p></p>
<p class="MsoNormal">The Monro Law Firm P.S. Inc.<o:p></o:p></p>
<p class="MsoNormal">1830 Bickford Ave. Ste 204<o:p></o:p></p>
<p class="MsoNormal">Snohomish, WA 98290<o:p></o:p></p>
<p class="MsoNormal">P:360.863.3728<o:p></o:p></p>
<p class="MsoNormal">F:360.863.3985<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">CONFIDENTIALITY NOTE: This e-mail message contains information belonging to The Monro Law Firm P.S. Inc. which may be privileged, confidential and/or protected from disclosure. The information is intended only for the use of the individual
or entity named above. If you think that you have received this message in error, please contact the sender. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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