Escrow & Title
An 'ALTA Extended Coverage' title insurance policy in North Dakota provides protection against:
AOnly defects recorded in public records
BBoth recorded and certain unrecorded risks, including survey matters✓ Correct
CFuture zoning changes
DEnvironmental contamination
Explanation
An ALTA Extended Coverage policy (typically for lenders and sometimes buyers) provides broader protection than standard policies, covering risks not found in public records such as survey matters, easements visible by inspection, and certain unrecorded mechanic's liens.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Math Concepts
State-Specific Concepts
Mechanic's Lien
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