Escrow & Title
An owner's title insurance policy in South Carolina protects:
AThe lender against borrower default
BThe buyer against title defects arising before closing✓ Correct
CThe seller against future claims
DThe closing attorney against malpractice
Explanation
An owner's title insurance policy protects the buyer against losses arising from title defects, liens, or encumbrances that existed before the closing date but were not discovered during the title search.
People Also Study
Related South Carolina Questions
- In South Carolina, who is typically responsible for paying for the owner's title insurance policy?Escrow & Title
- In South Carolina, which party typically pays for the lender's title insurance policy?Escrow & Title
- Which type of title insurance policy protects a mortgage lender in South Carolina?Escrow & Title
- In South Carolina, which document allows the closing attorney to conduct the title search by examining recorded documents?Escrow & Title
- In South Carolina, 'mortgage insurance' protects which party against default?Finance
- A South Carolina property owner has land that someone else has openly, notoriously, and continuously occupied for 10 years. The occupant may claim title through:Property Ownership
- A South Carolina buyer discovers significant undisclosed defects after closing. Their legal remedy may include:Contracts
- In South Carolina, a contract clause stating 'time is of the essence' regarding the closing date means:Contracts
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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
Study This Topic
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →