During a home purchase in Los Angeles, the buyer's agent explains that in California, the seller customarily pays for a specific type of title insurance. Which policy does the seller typically pay for in a California residential transaction?
Correct Answer
D) CLTA standard policy for the buyer
In California, the customary practice (which varies by county) is for the seller to pay for a CLTA standard owner's title insurance policy for the buyer. This is a standard coverage policy that protects against defects in the public record. If the buyer wants extended ALTA coverage, the buyer typically pays the difference.
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A California homebuyer is choosing between a CLTA standard title insurance policy and an ALTA extended title insurance policy. Which of the following most accurately describes the difference in coverage between the two policies?
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Jennifer is going through a divorce in California. Her ex-husband agrees to sign over his interest in the family home to her. Which type of deed is MOST appropriate for this transfer?