Escrow & Title
In Oregon, what is the 'homestead right' and how does it interact with title insurance?
AThe right to claim the first right of refusal on adjacent land
BA state law protection giving homeowners limited equity protection from certain creditors, which must be evaluated in title searches and may affect liens✓ Correct
CA title insurance product protecting owner's equity
DOregon's first-time homebuyer assistance program
Explanation
Oregon's homestead exemption (ORS 23.240) protects up to $40,000 of equity in a primary residence from general creditor execution.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance 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.
EasementA non-possessory right to use another person's land for a specific purpose.
Math Concepts
State-Specific Concepts
Homestead Exemption
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