Escrow & Title
A North Dakota title insurance policy has an exception for 'matters that would be disclosed by an accurate survey.' This exception may be removed if the buyer:
APays a higher premium without doing anything else
BProvides the title company with a current ALTA/NSPS survey✓ Correct
CGets the neighbors to sign affidavits
DPurchases a home warranty policy
Explanation
The standard survey exception in title policies can be eliminated or reduced if the buyer provides the title company with a current ALTA/NSPS Land Title Survey, which verifies boundaries, identifies encroachments, and shows easements.
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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.
EasementA non-possessory right to use another person's land for a specific purpose.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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