Escrow & Title
In West Virginia, a buyer who does not purchase title insurance after purchasing property:
AIs protected by the seller's warranty deed forever
BBears the risk of title defects not discovered before closing✓ Correct
CIs automatically covered by the lender's title insurance policy
DCan file a claim against the county clerk for missed defects
Explanation
Without an owner's title insurance policy, the buyer bears all risk of title defects that existed before the purchase. A warranty deed provides a right to sue the seller, but this remedy is worthless if the seller is unavailable or insolvent.
People Also Study
Related West Virginia Questions
- In West Virginia, a general warranty deed provides the grantee with:Escrow & Title
- A special warranty deed in West Virginia warrants title only against defects:Escrow & Title
- An owner's title insurance policy in West Virginia protects:Escrow & Title
- A general warranty deed in West Virginia provides the grantee with:Escrow & Title
- In West Virginia, when two or more people hold title as 'joint tenants with right of survivorship,' the death of one owner results in:Property Ownership
- A West Virginia property owner who wants to give another person the right to use their land for a specific purpose without conveying ownership is granting:Property Ownership
- In West Virginia, which type of deed provides the greatest protection to the grantee with full covenants of title?Property Ownership
- In West Virginia, property ownership by two or more people where each owner holds an equal undivided interest with right of survivorship and must have acquired the property at the same time with the same deed is:Property Ownership
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Math Concepts
Study This Topic
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →