Is it worth it to get the enhanced title insurance?? No one has asked me if I want it, but it was on the HUD-1 form. I am thinking the "enhance" part is not necessary.
Yes to title insurance and no to enhanced title insurance?
I have never heard of enhanced title insurace. I have heard of an owners policy and lenders policy and required endorsements to the title insurance. But I have no clue what enhanced title insurace is, so check with the title co that is using that terminology to see what they are referencing.
EDIT: I just googled it
This is a chart I found for "enhanced title insurance" - LEFT IS DESCRIPTION, MIDDLE COLUMN IS STANDARD ALTA POLICY AND ENANCED ON THE RIGHT.
|False impersonation of the true owner of the property||Yes||Yes|
|Forged deeds, releases or wills||Yes||Yes|
|Instruments executed under invalid or expired power of attorney||Yes||Yes|
|Mistakes in recording legal documents||Yes||Yes|
|Misinterpretation of wills||Yes||Yes|
|Deeds by minors||Yes||Yes|
|Deeds by persons supposedly single, but in fact married||Yes||Yes|
|Liens for unpaid estate, inheritance, income or gift taxes||Yes||Yes|
|Post Policy Forgery Protection||No||Yes|
|Enhanced Access Coverage||No||Yes|
|Building Permit Violations||No||Yes|
|Subdivision Map Act Coverage||No||Yes|
|Restrictive Covenant Violations||No||Yes|
|Mineral Extraction Coverage||No||Yes|
|Map Inconsistencies Coverage||No||Yes|
|Coverage Extended to Living Trusts||No||Yes|
|Enhanced Encroachment Coverage||No||Yes|
|Automatic Inflation Protection (up to 125%)||No||Yes|
i had no idea that there was an enhanced version. we were not offered an enhanced option when we closed. it was just labled as title insurance.
In my many years experience in the industry, this is the first time I've heard of this. My conclusion is that it's the equivalent to the "supersize" option at McDonald's. I would not waste money on this option.
Agree with EZ unless it is a nominal fee (<$25). Find out about the living trust thing though - ask your own attorney if possible. Do you hold your properties in a trust or in your personal name?