Escrow & Title
A Virginia title insurance policy with an 'endorsement' for 'ALTA 9 – Restrictions, Encroachments, and Minerals' provides additional coverage for:
AWater damage only
BCovenant violations, encroachments revealed by survey, and certain mineral rights issues✓ Correct
CEnvironmental contamination
DFlood damage
Explanation
ALTA 9 endorsements expand title insurance coverage to include protection against loss from certain restrictive covenant violations, encroachments shown by survey, and mineral rights extraction that damages improvements.
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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.
Math Concepts
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