Escrow & Title
In Florida, the 'ALTA' (American Land Title Association) title insurance policy form provides broader coverage than a standard coverage form. Which of the following is covered by an ALTA policy but NOT a standard policy?
ARecorded liens and encumbrances
BSurvey matters including encroachments and boundary disputes that a survey would reveal✓ Correct
CTitle defects in the chain of title
DForged deeds in the chain of title
Explanation
The ALTA owner's extended coverage policy covers survey matters — encroachments, boundary disputes, and other issues that would be revealed by an accurate survey. Standard title policies (not endorsed with survey coverage) exclude survey matters.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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