Escrow & Title
In West Virginia, a title insurance policy will typically NOT cover losses from:
AA forged deed in the chain of title
BMatters known to the insured buyer but not disclosed to the title company✓ Correct
CAn undisclosed prior mortgage
DA judgment lien that was not searched
Explanation
Title insurance policies contain exceptions for matters known to the insured but not disclosed to the insurer. If the buyer knew of a defect before purchasing the policy but did not disclose it, the policy will not cover losses from that undisclosed known defect.
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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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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.
Math Concepts
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