Escrow & Title
What is the difference between an owner's title policy and a lender's title policy in Nevada?
AThey are identical; the terms are interchangeable
BAn owner's policy protects the buyer's equity; a lender's policy protects the lender's interest up to the loan amount✓ Correct
CA lender's policy is required; an owner's policy is never required
DAn owner's policy is provided free by NRED
Explanation
A lender's title policy (ALTA loan policy) protects the lender's interest up to the outstanding loan balance. An owner's title policy protects the buyer's equity and ownership interest. Each must be purchased separately; the lender's policy is typically required; the owner's policy is recommended.
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