Escrow & Title
In Oklahoma, a lender's title insurance policy (loan policy) protects:
AThe buyer's equity in the property
BThe lender's security interest (the mortgage/deed of trust) up to the loan amount, against title defects that impair the lender's lien✓ Correct
CBoth buyer and lender equally
DThe title company from errors in their search
Explanation
A loan policy (lender's policy) protects the lender's lien position, not the buyer's equity. The coverage amount decreases as the loan balance decreases. Buyers need a separate owner's policy to protect their equity against covered title defects.
Related Oklahoma Escrow & Title Questions
- A buyer's walk-through inspection before closing in Oklahoma is conducted to:
- Oklahoma's recording system is based on the county clerk maintaining which records?
- A special warranty deed differs from a general warranty deed in that a special warranty deed:
- A ALTA (American Land Title Association) extended coverage title insurance policy protects against risks that a standard policy does not, including:
- A special warranty deed in Oklahoma differs from a general warranty deed because the grantor warrants title only:
- Which type of title insurance policy in Oklahoma covers the homeowner's equity in the property?
- A satisfaction of mortgage (release of lien) in Oklahoma must be recorded to:
- A cloud on title in Oklahoma refers to:
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