Enhanced Title Insurance Policy- Do you need?

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In general, an enhanced title insurance policy is protection after the honeymoon with a basic title insurance policy is over.

Basic title insurance policies deal mostly with the home-buying process before the keys are handed over.  Whereas an enhanced policy protects owners against those post-move-in issues and those that could develop after the U-Haul truck has left the driveway.

For instance, say the previous homeowner had renovation work done in the kitchen that wasn’t paid for before the closing process. The contractor would have the right to put a lien on the property. A situation like this would be covered by an enhanced title insurance policy from our Title Insurance company. And such a dilemma is not unheard of, particularly when a home is being rehabbed. For this reason an end buyer after a real estate investor has rehabbed a property may be more apt to choose an enhanced plan.

Many other situations are covered by enhanced title insurance policies such as:

• Forged or mishandled titles that were filed incorrectly, leading to a gap in the chain of title.
• Removal of a fence or structure that was built outside the borders of your property.
• Legal fees resulting from a forged deed or if an illegitimate lien was placed on the property.
• Damage to your land caused by mineral extraction.
• And much more…

Talk to an attorney or an expert at our Title Insurance Company to get details on situations that are covered. Another question to ask is whether an enhanced title insurance policy makes sense for your particular situation.

The previous example shows how a real estate investor could find a policy advantageous. Owners of older homes may also benefit from the enhanced protection as things like zoning may have changed or property lines may come into question.

However, someone moving into a condominium may not need the enhanced policy. Many of the issues that would be covered by a policy are likely to have been mitigated already. The same goes for homes built in a community with a strong homeowner’s association.

It is a matter of assessing your situation. Every situation is different and whether purchasing the enhanced title insurance is needed or not should be evaluated on a case by case basis.

We have experts in NJ Title Insurance, PA Title Insurance, NY Title Insurance as well as many other states to facilitate your home purchase needs.  Please make sure you are aware of the coverage’s that are available to you via the enhanced title insurance policy.

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About World Wide Land Transfer:

World Wide Land Transfer, Inc. a full service, national title insurance agency that has been servicing the real estate industry for almost 10 years.  With a team of over 25 title professionals including five attorneys, World Wide Land Transfer has offices in Pennsylvania and New York and does business nationwide.  WWLT is a trusted agent of Fidelity National Title, Old Republic and Stewart Title. WWLT provides comprehensive title insurance services for all forms of real estate transactions ranging from a home purchase or refinance to the most complex commercial transaction.  World Wide Land Transfer started predominantly as a PA Title Company in 2004 but grew quickly and started issuing NJ Title Insurance, NY Title Insurance, MD Title Insurance, VA Title Insurance and FL Title Insurance. World Wide now covers most counties throughout the nation.