Ventura County Real Estate

As a home buyer in Ventura County one of the expenses you will attain during the escrow period is the cost of Title Insurance.

What Is Title Insurance?

Title insurance is a report prepared by a title company that shows all liens, judgments, or encumbrances against the property you are planning to purchase.  During escrow, the title company will order and review records from the Ventura County’s Recorders office and other tax collecting agencies.  The Title company’s findings are a means to assure the home buyer and their lender that the property to be purchased is clear from any burdens.  Title insurance is purchased to protect the home owner and their lender from any oversight during the title search.

In the State of California there are two types of Title Insurance Policies.  The California Land Title Association (CLTA) insures the property owner and the American Land Tittle Association (ALTA) insures the lender.

Who Pays For Title Insurance?

In Ventura County the CLTA insurance is a one time fee paid for by the home seller.  The fee is part of the home seller’s closing cost and remains in effect until the property is sold again.

The ALTA insurance is a one time fee paid for by the home buyer. The fee for the ALTA insurance is a part of the home buyer’s closing costs and remains in effect until the loan is paid off.

However, the allocation of title insurance costs can be negotiated and determined in the purchase contract between the home buyer and the home seller.

The amount that each party in a home buying transaction pays for the Title Insurance depends on the
purchase price of the home and the type of coverage you will need.

Title insurance is one of the best purchases you will make as a home owner to protect yourself and your home from any unforeseen claims.

Posted By: Mana Tulberg- Ventura County Real Estate Agent - Specializing in Ventura County Real Estate (805) 443-8898.