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Nick Hall
Broker Associate
Coldwell Banker Premier Real Estate

48 South Ocean Avenue
Cayucos, CA 93430
Phone: 805-458-4544
Fax: 805-995-3657
Email: nickhall@sceniccoastrealty.com

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

Nick Hall

The Title Process
The home buying process is, by its very nature, a complex transaction. Title Insurance is an important part of the real estate transaction since it insures you that all liens placed against the prior owners of the property, or documents that will restrict your use of the property, have been fully disclosed to you.

A Preliminary Title Report provides you with an opportunity to review any impediments that would prevent clear title from passing to you.

When reviewing a Preliminary Title Report, it is important to check the extent of the ownership rights or interest you will be acquiring. The most common form of ownership interest is 'fee simple' or 'fee,' which is also the highest form of interest an owner can have in real estate. Liens, restrictions, and interests of others will be listed numerically as exceptions in the report.

You may also have to consider interests of third parties, such as easements granted by prior owners, which limit use of the property. Some buyers attempt to clear these unwanted items prior to purchase. A list of standard exceptions and exclusions not covered by the title insurance policy is also attached. This section includes items the buyer may want to investigate further, such as laws governing building and zoning.

What Is Title Insurance?
Title Insurance insures owners that they are acquiring marketable title to the property. Unlike casualty insurance policies which insure against future events, title insurance is designed to eliminate risk or loss caused by title defects from past events. Title insurance provides coverage only for title problems that were in existence at the time the policy was issued.

A title insurance policy is a contract of indemnity that guarantees that the title is as reported. If it isn't, and the owner is damaged at a later date, the title policy covers the insured for loss up to the face amount of the policy.

What Is A Title Search?
Issuing a title insurance policy is an extensive and exacting process. Title insurance companies work to eliminate risks by performing a painstaking search of the public records, or the title company's own "plant", where public records, laws, and court decisions pertaining to the property and the parties to the escrow are maintained. This is done to determine the current recorded ownership, recorded liens or encumbrances, and other matters of record which could affect the title to the property. Once a title search is complete, the title company issues a Preliminary Title Report detailing the current status of title.

What Is A Preliminary Title Report?
A Preliminary Title Report contains vital information which may affect the willingness and the ability of the parties to close an escrow. Information includes ownership of the subject property, the manner in which the current owners hold title, matters of record which specifically affect the subject property or the owners of the property, as well as a legal description of the property and an informational plat map.

The Preliminary Title Report indicates the type of title insurance to be offered by the title company, and the exclusions and exceptions from coverage based on the type of title insurance policy the company intends to issue. Exclusions and exceptions can include items such as: recorded deeds of trust, easements, agreements, and covenants conditions and restrictions, commonly referred to as CC&Rs.

What Should Be Looked For In A Preliminary Title Report?
As your real estate representative, we will review the Preliminary Title Report as soon as it is issued, paying particular attention to the following items:
    Verifying the ownership vesting by insuring that the names on the report are the same as the names on the purchase contract. Sometimes the name of an unexpected owner will appear (i.e. a previous spouse or relative who died), and corrective documents may be required. Verifying that the property address, the plat map, and legal description all match. An owner could own two properties adjacent to, or across the street from, each other, causing confusion in identifying the correct property. Reading the informational notes for pertinent items about the property, such as: transfer taxes, monument fees, homeowners' association fees, etc. Carefully reviewing the exceptions. Common exceptions include: current taxes, bonds, deeds of trust, Mello-Roos Assessment District items, CC&Rs, and easements. Be sure the CC&Rs or existing easements don't interfere with the buyer's future plans. For example, an easement across the backyard could have a profound effect on the buyer's ability to add a swimming pool at a later date. Always looking for surprises. If you can't locate an easement, or an unexpected deed of trust shows up, or you see an item you weren't aware of before, immediately call the escrow officer or title company to discuss the matter. The title company should be a problem solver, and top-notch escrow officers and title companies go out of their way to resolve quickly the majority of "red flag" items. However, the responsibility for early detection and resolution of problems falls on the entire escrow team, including the agents, the escrow and title company, and sometimes the buyers and sellers as well.
What Is Covered?
Not all risks can be eliminated by a title search, since certain "hidden defects", such as forgeries, identity of persons, incapacity, incompetency, and failure to comply with the law, cannot be disclosed by an examination of the public records. While the Preliminary Title Report is an offer to insure under certain circumstances, the Title Insurance Policy is a contract, providing coverage against such "hidden defects."

In addition to indemnifying the insured against losses which result from a covered claim, the policy also provides for legal fees and defense for future claims against the property.

Extended owners' and lenders' policies of title insurance provide broader coverage and are available through the American Land Title Association (ALTA). Coverage is extended to certain matters that are "off-record", but which are generally discoverable by an inspection of the property or by questioning the parties in possession. These include:
  • Unrecorded liens and encumbrances
  • Unrecorded easements
  • Unrecorded rights of parties in possession
  • Encroachments, discrepancies, or conflicts in the boundary lines
ALTA policies are available for owners and lenders, and a "plain language" ALTA Residential Policy is also available for residential property containing one to four units.

Agents, buyers, and sellers should not assume that all title insurance policies and title companies are the same. They aren't, and it is important to ask questions of your title company to determine the type and cost of coverage available.


Nick Hall
Broker Associate

Coldwell Banker Premier Real Estate
48 South Ocean Avenue
Cayucos, CA 93430
Business Phone: 805-458-4544
Business Fax: 805-995-3657

       


Testimonials

We highly recommend Nick Hall - Nick brought this property to our attention while keeping us abreast of listings in the market that met our criteria. We have been working with Nick for some time and he has been very competent and professional and we highly recommend him. Lane and Sylvia B., San Luis Obispo
Nick has been an exemplary sales associate and satisfied our every need. Mike and Nell L., San Luis Obispo
Nick was wonderful, helpful and attentive to our wishes and very diplomatic and professional when working with others involved in our transaction. Nick was a great advocate and definitely on our side and I think he went the extra mile more than once. Kenneth and Catherine C., Cambria
Nick showed us several properties and found us our home in Avila Beach. He was wonderful to work with and his guidance and thoroughness throughout the sale were exceptional Glenn and Jennifer V., Avila Beach
Nick is excellent at his job! Michael and Dew, San Luis Obispo
We enjoyed working with Nick - he was great! Lee and Christine J., Morro Bay
We were very pleased with Nick who was very thorough and very available. Douglas and Sally P., San Luis Obispo
Nick Hall is outstanding! He made himself available to us for all of our questions, concerns and comments all throughout the time, in a very professional manner.Nick had great suggestions and resources for us to tap into and it was a pleasure to work with him. Keep up the good work and thank you very much for your help and assistance. We cannot say enough good things about working with Nick, we found a friend in him. Nathaniel and Sonia D, San Luis Obispo
Nick's communication was excellent and he was very helpful to us. Esteban and Stella E, Cambria
We found Nick on the Internet and he was great to work with, low key and no pressure. Dennis and Judy P, Morro Bay
Nick was fantastic to work with and represents his firm with excellence. He quickly understood our wants and needs and represented us well and we would choose him again as our agent in the future. Andrew and Cheryl H, Templeton
Nick was very helpful and excellent to work with and handled everything for us. Dominic and Maura G, San Simeon
Nick was very personable, efficient and professional to work with and we were very pleased with his representation. Mervin and Patricia S, Los Osos
Nick was outstanding - professional, knowledgeable and courteous and never pushy and we were very satisfied and would choose Nick again. Claude and Cheryl C, Cambria
Nick was very accommodating and friendly and went above and beyond the call of duty. How do you improve on perfection? Rowena L, Cambria
Nick has been a wonderful agent and always in our corner in negotiations and although others in our transactions were difficult to do business with Nick dealt with them very well to our advantage and we would definitely choose him as our agent in the future. John and Helene Z, San Luis Obispo
Nick thank you for a smooth transaction, it was a pleasure working with you and I look forward to doing business with you again in the future. Narlene C, San Luis Obispo
Nick was very professional and thorough and provided excellent service. James and Barbara Q, San Luis Obispo
Nick was extremely helpful, communicating many times each day throughout and was very reliable in every way. He is a true man of integrity, very rare in the business world today. We have appreciated him and will call on him when we sell. Michael and Joy P, San Luis Obispo
Nick's advice and service were excellent and we would choose him again in the future. Tim and Marguerite B, San Luis Obispo
Nick is a fine person and agent and always low key. Richard and Marguerite P, Atascadero
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