Once the requirements have been met and the closing takes place on the transaction, we will issue an Owner's Title Policy to the new owner of the property.  The standard residential policy issued is the ALTA Owner's Policy, which provides ample coverage to the owner including all the hidden risks mentioned earlier.  Depending where the property is located and whether certain conditions exist, your Realtor may suggest an Owner's Extended Coverage (O.E.C.) Policy for you, which will provide the following additional benefits in addition to the standard residential Owner's Policy:

• The policy amount will automatically increase by 10% on each of the anniversaries of the policy date;
• Mechanic's-lien protection;
• Survey protection;
• "Gap" coverage;
• Covenant and restriction protection;
• Plain language policy; and
• IRS reporting compliance.

In some areas, Owner's Extended Coverage is not available, therefore the standard ALTA Owner's Policy will be issued.  Upon examination of title and provided conditions are met, endorsements may be attached to the standard Owner's Policy which provide additional coverages similar to the O.E.C. Policy.  Your real estate professional will help you determine which type of policy will provide the best protections for your particular situation.