Escrow & Title
In West Virginia, a buyer's lender requires a lender's title insurance policy. This policy protects:
AThe buyer's equity in the property
BThe lender up to the amount of the outstanding loan balance✓ Correct
CBoth the buyer and lender equally
DThe seller from buyer's future claims
Explanation
A lender's title insurance policy (loan policy) protects the lender up to the outstanding loan balance. It does not protect the buyer's equity.
Related West Virginia Escrow & Title Questions
- A buyer in Morgantown, WV closes on a property but the seller's contractor has an unpaid materialman's lien filed after the deed was recorded. The buyer's title insurance policy will:
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