Escrow & Title
What is 'survey' insurance in a Pennsylvania title insurance policy?
AInsurance against the cost of conducting a new survey
BTitle insurance coverage removing the standard exception for matters that a survey would show, protecting against encroachments, boundary disputes, and other survey-related issues✓ Correct
CA policy issued by the surveyor guaranteeing their survey's accuracy
DPADEP insurance for environmental boundary surveys
Explanation
Standard title insurance policies in Pennsylvania except from coverage 'matters that a current survey would show' — leaving the owner at risk for encroachments, boundary discrepancies, and missing setbacks. When a current survey is provided, the title company can remove this exception (offer 'survey coverage'), giving the owner full protection against boundary and survey-related issues.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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.
Math Concepts
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