Which policy would you to learn more about?
At World Wide Land Transfer, we recognize the importance of protecting your real estate investments with comprehensive title insurance coverage. While basic title insurance provides essential protection, it’s crucial to understand that there are different types of enhanced title insurance policies available. These policies offer an additional layer of coverage and peace of mind.
Exploring Regional Variations in Enhanced Title Insurance Policies
One fascinating aspect of enhanced title insurance policies is the regional variations that exist across different jurisdictions. For instance, in the state of New York, this type of coverage is commonly known as a Title Insurance Owner Extended Protection (TOEP) policy. TOEP policies in New York provide an expanded range of coverages and endorsements, addressing a wide array of potential risks and challenges that may arise during a real estate transaction.
In Pennsylvania, the equivalent coverage is referred to as an Enhanced Title Insurance Policy. Although the purpose of these policies remains consistent with TOEP policies in New York, the specific coverages, endorsements, and requirements may differ between the two states. Understanding the unique landscape of each jurisdiction is essential to ensure that you obtain the most suitable coverage for your specific needs.
Navigating Jurisdictional Requirements for Enhanced Title Insurance
Every jurisdiction has its own set of requirements and regulations that shape the types of enhanced title insurance coverages available. State, county, and even municipal guidelines can influence the specific coverages, endorsements, and standards applicable to your real estate transactions. It is crucial to work with experienced professionals who possess a deep understanding of the intricacies of each jurisdiction, ensuring you secure the appropriate coverage tailored to your location.
Your Trusted Partner for Enhanced Title Insurance Coverages
At World Wide Land Transfer, we specialize in providing enhanced title insurance coverages that meet the unique requirements of different jurisdictions. Our team of experts possesses extensive knowledge of the specific regulations and coverages available in your area. We are committed to guiding you through the process, ensuring that your enhanced title insurance coverage aligns precisely with your needs and offers the utmost protection.
Whether you are a property owner, lender, or involved in a real estate transaction, our goal is to assist you in navigating the complexities of enhanced title insurance. Leveraging our expertise and staying up-to-date with the evolving landscape of regulations, we strive to deliver tailored solutions that give you the confidence and security you deserve.
Explore Our Services and Experience the World Wide Land Transfer Difference
We invite you to explore our website to learn more about the different types of enhanced title insurance coverages available in your jurisdiction. Our comprehensive resources, informative articles, and personalized assistance will provide valuable insights into the intricacies of title insurance. At World Wide Land Transfer, we are dedicated to helping you make informed decisions and protecting your real estate investments with excellence.
Thank you for choosing World Wide Land Transfer as your trusted partner in enhanced title insurance coverages. We look forward to serving you and safeguarding your interests with our expertise, commitment, and personalized approach.
TOEPP Owner’s Policy In New York
It should be your client’s first choice when purchasing a 1 to 4 family residence.
The TIRSA Owner’s Extended Protection Policy (TOEPP) provides the most comprehensive title coverage for purchasers of one-to-four family residences in the State of New York. In addition to the coverages provided by the Standard ALTA owner’s policy, the TOEPP policy also provides enhanced coverage against certain covenant. condition or restriction violations, encroachments, certain post policy matters as well as limited zoning and building coverages. Some of the enhanced TOEPP policy features include:
- An automatic increase in the amount of insurance by 10% per year for the first five years following the date of policy.
- Expanded access by including Vehicular access to and from the land (othepthan to a Condominium Unit)
- Insurance that the residence with the address shown on Schedule A is located on the land at policy date.
- Coverage for Certain Post-policy matters.
- Certain Limited Zoning and Building Coverages.*
- Protection against actual loss sustained by the forced remova* or correction of a violation of a covenant, condition or restriction affecting the land, the violation of which was not excepted in your policy but existed at policy date.
- Protection against the loss or taking of your title because of a violation of a covenant, condition or restriction, the violation of which was not excepted in your policy but which occurred before you acquired title.
*Subject to deductibles and maximum liability amounts
The Benefits Of The TOEPP Vs Standard Alta Owner’s Policy
The TIRSA Owner’s Owner Extends Protection Policy (TOEPP) provides expanded title coverage for owners of one-to-four family residences, including condominiums. Coverages included in the TOEPP Owner’s Policy offer the highest levels of protection available to homeowners.
TOEPP Policy benefits you won’t get with a Standard ALTA Owner’s Policy
- Post-Policy Forgery
- Post-Policy Encroachments
- Post-Policy Adverse Possession
~ Coverage extended to homeowner when someone claims to have the insured’s title arising out of someone else’s continued use and occupancy
- Post-Policy Easement by Prescription
~Coverage if another claims right to use a part of the insured’s land as an easement because of continuous use over time
- Building Permit and Zoning Violation
~ Coverage for losses up to $25,000, after a small deductible, for building permit violations and forced remediation of zoning violations, and up to the full policy amount for forced removal of structures due to zoning violations
- Expanded Access
~Expanded to include both vehicular and pedestrian access to and from land, based upon legal right
- Encroachment of Improvements Onto Easements and Set-Backs
- Subdivision Violation
~ Homeowners are covered up to $10,000, after a small deductible, for protection against subdivision violations prior to purchase
- Restrictive Covenant Violations
~ Coverage provided for violations of restrictive covenants occuring before homeowner acquired land if the homeowner is forced to correct or remove the violation or if the homeowner’s title is lost or taken because of the violation
- Structural Damage for Mineral Abstraction or Easement Use
- Encroachment of Boundary Walls and Fences
~ Protection of up to $5,000, after a small deductible, for encroachments onto a neighbor’s land, onto an easement, or over a building set-back line
As with any insurance contract, the insuring provisions express the coverage afforded by the title insurance policy and there are exceptions, exclusions and conditions to coverage that limit or narrow the coverage afforded by the policy. Also, some coverage may not be available in a particular area or transaction due to legal, regulatory, or underwriting considerations. Please contact your WORLD WIDE LAND TRANSFER representative for further information. he services described above are typical basic services. he services provided to you may be ditterent due to the specifics of your transaction or the location of the real property involved.
Considerations and Underwriting Guidelines when Issuing the TOEPP policy:
- It must be 1-4 family residential property (It can be a condominium unit, but not a Coop Unit.)
- It cannot be issued in transactions involving unimproved land. (If the property to be insured consists of two or more parcels, at least one of which is vacant land, the TOEPP policy cannot be issued).
- It may be issued only to natural persons. (The term natural person includes a trustee of a living trust established by an individual for estate planning purposes, even if trustee is not an individual.)
- It cannot be issued to corporations, partnerships, LLCs or other entities.
- You must verify that there is vehicular access. If there is no vehicular access, you must raise an exception in Schedule B that “vehicular access is NOT insured.”
- TOEPP policy should not be issued unless a survey acceptable to the company is provided and read into the policy. IF there is a violation of any C&R, then both the C&R and the violation must be excepted in the title certificate and policy. (When insuring a condominium unit, the TOEPP policy can be issued without a survey provided the standard Condominium survey exception is excepted in Schedule B).
- The Property to be insured must be all of a tax lot. If the tax lot has not been apportioned as of the date of the insurance, then the TOEPP policy cannot be issued. (Minor variations between the tax lot dimensions and the record description will not preclude the issuance of the TOEPP policy as long as an exception for the variation is added to schedule B.)
- A building department search should be performed to determine that all structures and improvements were built with a building permit. Remember that you must also find a corresponding Certificate of Occupancy (C.O.)/Completion for each improvement/building permit. If a building permit or a C.O. is not found for an improvement, a specific exception must be raised in Schedule B stating that no liability is assumed under Covered Risk #15 due to the lack of a building permit and/or a C.O. for that particular improvement. A Building Permit and Certificate of Occupancy search should be performed in connection with every request for the TOEPP. There should be no pending or current construction affecting the premises in question. If your building department search reveals a violation, the TOEPP policy may not be issued without speaking to underwriting counsel.
- A survey being read into the title report should be compared against the C.O. search to determine whether there are any improvements that have been added without a C.O. since the date of survey.
- As previously stated, a survey acceptable to the company must be read into the title. The reading must show all encroachments of buildings, walls and fences. If there are any encroachments onto easements or setback areas that could result in the forced removal of structures, both the easement/setback area AND the encroachment must be set up as an exception in the title certificate.
- You must verify the address of the property and insert it in Schedule A. (If the property has several recognized addresses, all known addresses should be inserted)
- The seller should execute a TOEPP seller’s affidavit (Sample attached)
- The TOEPP Market Value Rider should be offered in each TOEPP policy transaction.
- Finally, if the title examination or the circumstances of the transactions suggest a problem with any of the coverage provided under the TOEPP policy, you should decline to issue the policy. Nothing in the rate manual or in the insurance law requires us to issue the TOEPP policy. It may be the case, that because of a zoning or building permit matter, the TOEPP policy cannot be issued, but the ALTA 2006 Owners Policy can be issued.
Pennsylvania Enhanced Title Insurance Policy
Get the Right Title Insurance
Your lender only requires that you purchase a Loan Policy. However, that policy only ensures the lender has a valid, enforceable lien on the property. It does not protect you! The EHP Policy, on the other hand, is designed to protect you from losses covered under the title policy.
Protect Your Investment
The EHP Policy provides the most complete title coverage available, including undisclosed heirs, mistakes in recording, or errors in tax records.
Our basic coverage protects against**:
- Someone claiming an ownership interest in your title.
- Leases, contracts or options affecting your title.
- Someone claiming to have rights affecting your title due to forgery or impersonation.
- Someone having a right to limit your use of the land.
- Unmarketability of your title.
- A defective title.
In addition to the coverage provided in the traditional Owner’s Policy, the EHP Policy offers new and expanded coverages,*** for a total of 32 covered risks. Now you can purchase coverage against losses caused by:
- Zoning violations.
- Subdivision law violations.
- Improvements that encroach into an easement.
- Building permit violations.
- Covenants, conditions and restrictions.
- Lack of vehicular and pedestrian access.
- Supplemental assessments arising as a result of construction or transfer prior to the policy date.
- Damage to your house caused from someone with easement rights.
- Someone refuses to buy your land because your neighbor’s structures are on your land.
- Your house or lawn and trees are being damaged by someone with rights to dig a well or mine.
** Your coverage will be governed by the terms of the policy, the claim or defect asserted, the exceptions on Schedule B and your factual situation.
*** Some coverages are subject to deductibles & liability caps.
Coverage Increases Automatically
How am I protected as my property increases in value?
Your EHP Policy will automatically increase by 10% in value each year for the first five years (up to 150%) to help cover increases due to inflation.
Coverage Comparison of Standard ALTA Owner’s Policy and the Homeowner’s Policy of Title Insurance (HPT)