Escrow & Title
Owner's title insurance in Louisiana protects the:
ALender against title defects
BBuyer/owner against loss arising from title defects existing before the policy date✓ Correct
CSeller against buyer's claims
DParish against unpaid taxes
Explanation
Owner's title insurance protects the buyer/owner against financial loss arising from title defects, liens, or claims that existed before the policy was issued but were not discovered in the title search.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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