Escrow & Title
Vermont's 'endorsement' to a title insurance policy is used to:
AReduce the policy premium
BExtend or modify coverage beyond the standard policy, covering specific risks such as survey gaps or zoning compliance✓ Correct
CAdd the seller's name to the policy
DReplace the standard policy entirely
Explanation
Title insurance endorsements modify or extend the coverage of a standard policy to cover specific risks — such as zoning compliance, access, mechanics' lien protection, or environmental issues — for an additional premium.
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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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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