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Scottsdale Real Estate - Phoenix Real Estate
AZ Real Estate - The Lender's Insurance PolicyAmerican Land Title Association Policy (A.L.T.A.) also know as the Lender's Title Insurance Policy covers the lender’s interest and extends more coverage than a regular owner’s title policy. This is a one-time premium paid through title by the buyer at closing. This policy protects the mortgage lender from losses that can be suffered in the transfer of title through the purchase of a property. It helps to avoid and protect the lender against land title problems, unrecorded mechanic's leans, impersonation of owner, easements, water rights, encroachments, zoning compliances, boundary line disputes, contested wills and other assessments and encumbrances. The basic purpose to the ALTA policy is to guarantee that the lender has a valid lien that is enforceable. An ALTA policy is required by most institutional lenders in order to protect their interests against loss. An ALTA Extended loan policy covers the lender only. It's advantage to the lender lies in its ability to include matters that are not generally public record. The ALTA policy is usually up to the complete amount of the loan, for the entire duration of the loan. A title company will first conduct a detailed search of a property’s title, and if it is clear, an ALTA policy will be issued. Typically the Buyer pays for this fee. The fee charged is based upon the value of the property. For additional information regarding Arizona Real Estate, Contact us for all yout AZ Real Estate Sales needs: please send direct e-mail request to GaryandClaudia@cox.net or call our Toll Free Number or fill out our Contact Request Form click here to return to the Home Page
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