Escrow & Title
What is the purpose of title insurance in a West Virginia real estate transaction?
AIt insures the property against physical damage
BIt protects against losses from defects in title discovered after closing✓ Correct
CIt guarantees the property will appreciate in value
DIt replaces the need for a title search
Explanation
Title insurance protects the insured (buyer and/or lender) against financial losses resulting from defects in title that existed prior to the policy date and were not discovered during the title search.
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