Escrow & Title
An owner's title insurance policy in Hawaii is typically purchased:
AAnnually, like homeowner's insurance
BOnly once, at the time of purchase, for a one-time premium✓ Correct
CBy the lender on behalf of the buyer
DBy the real estate agent
Explanation
Owner's title insurance is a one-time premium paid at closing that provides coverage for as long as the owner (and their heirs) holds an interest in the property.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Math Concepts
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