Escrow & Title
Vermont's 'survey endorsement' to a title policy may remove the standard survey exception if:
AThe property has no improvements
BA current survey is provided and reviewed by the title insurer showing no survey-related issues✓ Correct
CThe buyer waives all survey rights
DThe title company performs its own survey
Explanation
By providing a current, acceptable survey to the title insurer and having it reviewed, the parties may be able to remove the standard survey exception from the policy, providing insurance against survey-related matters.
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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.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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