Escrow & Title
In NC, 'survey exceptions' in a title insurance policy mean:
AAll survey findings are covered by the policy
BCertain matters that would be revealed by a current survey (encroachments, boundary issues) may not be covered✓ Correct
CA survey is always required for title insurance
DThe policy is exempt from survey requirements
Explanation
Standard title insurance policies often contain survey exceptions, meaning they do not cover matters that would be revealed by an accurate current survey — buyers who want full protection may need survey coverage or an 'ALTA' policy.
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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.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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