Finance
What is 'title insurance for lenders' (a lender's policy) versus 'title insurance for owners' (an owner's policy) in Oregon?
ABoth policies cover the same parties with different premium amounts
BA lender's policy protects the lender's security interest up to the loan amount; an owner's policy protects the buyer's full equity interest — both are often purchased at closing✓ Correct
COnly one type of title insurance exists in Oregon
DThe lender's policy is issued first; the owner's policy is issued 30 days later
Explanation
In Oregon, two title insurance policies are typically issued: a lender's policy (required by the lender) protects the lender up to the loan amount; an owner's policy (recommended but optional for cash buyers, negotiable for financed purchases) protects the buyer's equity for as long as they own the property. The lender's policy decreases as the loan is paid down; the owner's policy typically covers for the purchase price.
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