Resources
Resources
Owners Policy of Title Insurance
(10) Basic Covered Risks
- Title not properly vesting in the name of the insured
- Certain defects in Title including those caused by forgery fraud, undue influence, duress, incompetence, failure of a person who conveyed title to have authority, use of an ineffective power attorney, defective legal proceedings.
- Unmarketable Title
- No right of access to or from the property
- Violations of zoning ordinances, but only if a notice describing the violation is filed with the County
- Enforcement action based on exercise of a government policy power, if a notice is filed in the public records.
- Eminent domain proceedings, if a notice is filed in the public records
- A taking by a government body
- Title being vested other than as stated in the policy as a result of a fraudulent or preferential transfer
- Any defect in title mentioned in 1-9 above which was created or filed between the date of the policy and the date of the recording of the deed (which we refer to as the “gap” period).
Owners Policy
Claims that are Excluded
- Zoning ordinance violations when a notice is not filed with the County
- Rights of eminent domain when a notice is not filed with the County
- Defects, liens and encumbrances:
- created, suffered, assumed or agreed to” by the insured;
- that do not result in any actual loss or damage to the insured; or
- that occur subsequent to the date of police
- Fraudulent transfer claims
- Plus, there are standard exceptions which include (in part):
- Matters that could have been discovered by a
- of the property;
- Mechanic’s liens; and
- Oil and Gas leases and mineral interests.
Home Owners Policy of Title Insurance (Enhance Policy)
(32) Covered Risks
Extra Coverage Includes:
- Pre-policy and post-policy protections, such as coverage for the following risks:
- Someone else owns an interest in Your Title.
- Someone else has a right affecting Your Title because of a lease, contract, or option.
- Someone else claims to have a right affecting Your Title because of forgery or impersonation.
- Someone else has an Easement on the Land.
- Traditional title policies don’t increase their coverage as the value of a home increases. Not so with the Homeowner’s Policy. The policy amount automatically increases by ten percent per year for five years, up to 150% over the original policy amount. This automatic increase in coverage is included at no extra cost.
- Expanded access protection for right of access to and from the property. Traditional title policies do not define the type of access a homeowner has to the property, but the Homeowner’s Policy specifically insures both actual pedestrian and vehicular access, based upon a legal right.
- Loss of title to property because of a violation of a restrictive covenant that occurred before the insured acquired title.
- Losses related to removing or remedying an existing structure (except for boundary walls and fences) because it was built without a building permit from the proper government office. This coverage is subject to deductible amounts and maximum limits of liability.
- Losses related to inability to sell the property or get a building permit because of a violation of an existing subdivision law. This coverage is subject to a policy deductible and maximum limits of liability.
- Losses related to certain violations of existing zoning laws or regulations (subject to the policy deductible and maximum limit of liability).
- Losses related to damage to existing improvements, including lawns, shrubbery and trees, caused by someone who exercised a right to use the surface of the land for the extraction of minerals or water.
Survey Coverage
There are 3 types of surveys:
- Mortgage Location Surveys
- Boundary Surveys
- ALTA Surveys
Mechanics Lien Coverage
Who can file a lien?
Can be obtained by anyone who performs work or labor or furnishes material in furtherance of any improvements pursuant to an express or implied contract with the owner, part owner or lessee or said person’s authorized agent. Applies to original contractor, subcontractor, laborers and materialmen. These lien rights are governed by R.C. 1311.01 et al.
Closing Protection Coverage
The closing or settlement protection offered pursuant to this section shall indemnify any lender, borrower, seller, and applicant that has requested the protection, both individually and collectively, against the loss of settlement funds resulting from any of the following acts of the title insurance company’s named title insurance agent or anyone acting on the agent’s behalf:
- (1) Theft, misappropriation, fraud, or any other failure to properly disburse settlement, closing, or escrow funds.
- (2) Failure to comply with any applicable written closing instructions, when agreed to by the title insurance agent.
Loan Policies
Generally, when a lender provides a loan for the purchase of a property, the lender requires a title exam and a Loan Policy of Title Insurance. The Loan Policy insures that the lender’s mortgage will be a first lien against the property. The Loan Policy does not protect the buyer of the property. It only protects the lender
Our Locations
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Cleveland Corporate Office
Pepper Pike Office
Youngstown Office (Howard Hanna Office)
Akron (Howard hanna office)
Mentor (Howard Hanna Office)
Maumee (Howard Hanna Office)
Mayfield Heights, OH
6000 Parkland Blvd
Mayfield Heights, OH 44124
Fairlawn, OH
Fairlawn, OH 44333
Mentor, OH
Mentor, OH 44060
Warren, OH
223 Niles-Courtland Road LL
Warren, OH 44484
Pepper Pike, OH
Suite 200
Pepper Pike, OH 44122