Escrow & Title
Title insurance differs from other types of insurance because it:
ACovers future events that may damage the property
BProtects against past events or defects in the title that existed at the time of purchase✓ Correct
CIs required by law in every Oklahoma real estate transaction
DIs refundable if no claims are made
Explanation
Unlike casualty or liability insurance that covers future events, title insurance protects against past defects, liens, encumbrances, or errors in public records that could affect the insured's ownership interest. A one-time premium is paid at closing.
Related Oklahoma Escrow & Title Questions
- In Oklahoma, 'adverse possession' results in the possessor acquiring title through:
- An Oklahoma homebuyer receives a Closing Disclosure (CD) before closing. The CD replaced the HUD-1 Settlement Statement and is required under:
- In Oklahoma, a lender's title insurance policy (loan policy) protects:
- An Oklahoma warranty deed conveys title with which covenants?
- In Oklahoma, a 'chain of title' refers to:
- In Oklahoma, the seller's existing mortgage must be paid off at closing because:
- A special warranty deed in Oklahoma differs from a general warranty deed because the grantor warrants title only:
- A cloud on title in Oklahoma refers to:
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