Escrow & Title
In Ohio, 'subrogation' in title insurance means the title company, after paying a claim, has the right to:
ACancel the policy for future claims
BStep into the insured's shoes and pursue recovery from the responsible party✓ Correct
CRequire the insured to return the payment
DTransfer the policy to a new owner
Explanation
Subrogation allows the title insurance company, after paying a valid claim, to take the insured's rights against the third party responsible for the loss and pursue recovery on their own behalf.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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