Escrow & Title
In Oregon, what is 'title insurance' designed to protect against?
AFuture changes in zoning regulations
BLosses from title defects, liens, or encumbrances that existed before the policy date✓ Correct
CPhysical damage to the property during ownership
DFuture liens placed on the property after closing
Explanation
Title insurance protects against losses from title defects, liens, encumbrances, and other title issues that existed but were unknown at the time the policy was issued. It is a one-time premium covering the insured for as long as they own the property.
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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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Math Concepts
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