Escrow & Title
An owner's title insurance policy in Virginia is issued for which amount?
AThe loan amount
BThe purchase price (and typically increases with appreciation for enhanced policies)✓ Correct
CThe assessed value
DThe appraised value minus the down payment
Explanation
An owner's title insurance policy is issued for the purchase price of the property. Enhanced policies may increase coverage over time as the property appreciates.
Related Virginia Escrow & Title Questions
- The Torrens system of title registration, used in a few jurisdictions, differs from Virginia's recording system in that:
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