Escrow & Title
In NC, a buyer who discovers after closing that the seller did not have clear title to the property that was conveyed may seek recovery under:
AThe seller's homeowners insurance
BTheir owner's title insurance policy or a lawsuit against the seller under deed warranties✓ Correct
CThe NC Recovery Fund only
DThe lender's title insurance policy
Explanation
A buyer with title problems may seek recovery under their owner's title insurance policy (if obtained) or through a lawsuit against the seller based on warranty covenants in the deed.
Related North Carolina Escrow & Title Questions
- Recording a deed in North Carolina's Register of Deeds provides:
- In NC, 'proration' of homeowners association dues at closing is handled by:
- In NC, a 'conveyance in trust' (placing property in a trust) requires a deed to be prepared and:
- Which of the following best describes a 'lis pendens' recorded against a NC property?
- A 'simultaneous closing' in NC occurs when:
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- A 'commitment for title insurance' in NC is issued by the title company to:
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