Escrow & Title
In Oregon, an 'owner's title insurance policy' protects the buyer for:
AOnly 1 year after closing
BAs long as the insured (or their heirs) has an interest in the property✓ Correct
CUntil the property is sold again
DUntil the original mortgage is paid off
Explanation
An owner's title insurance policy provides protection for as long as the insured owner (or their heirs who inherited the property) has an interest in the property. It is a one-time premium paid at closing with perpetual protection.
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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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Math Concepts
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