Escrow & Title
Vermont's 'survey exception' in a title insurance policy means:
AAll surveys are covered by the policy
BThe policy excludes coverage for survey-related matters such as encroachments unless a survey is provided and the exception is removed✓ Correct
CThe lender's survey takes priority over the title policy
DSurvey issues always cloud title
Explanation
Standard title insurance policies contain a survey exception, excluding coverage for matters that a current survey would reveal (encroachments, boundary discrepancies). Providing an acceptable survey may allow this exception to be deleted.
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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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