Chicago Title’s residential owners policy is an easy-to-understand insurance policy that guarantees a buyer comprehensive protection against the risks.
An owners policy covers losses which could result from the following threats to the title:
- Another party owns an interest in the title.
- A title-related document is not properly signed, sealed, or delivered.
- There is proof of forgery, fraud, duress, incompetency, incapacity, or impersonation.
- Title-related documents have been defectively recorded.
- It is discovered that no legal right-of-access to and from the land exists.
- There are covenants limiting the use of the land.
- There are liens on the title due to:
- a mortgage or deed of trust;
- a judgement, tax, or special assessment;
- a homeowners’ association charge.
- There are liens on the title for labor and/or material furnished before the policy date that the insured did not agree to pay.
- Others have rights arising out of leases, contracts, options or easements.
- The title is unmarketable, which means an interest or claim to the title has been unresolved.
- The insured is forced to remove the existing structure other than a boundary wall or fence because:
- It extends beyond adjoining land or onto an easement;
- It violates an existing zoning law.