Escrow & Title
A Wyoming buyer who discovers a title defect after closing may be able to recover under their title insurance policy if the defect:
AArose after the closing date
BExisted at or before the policy date and was not excepted in the policy✓ Correct
CWas disclosed in the property disclosure form
DIs covered under the property's homeowners insurance
Explanation
Title insurance covers losses arising from title defects that existed at or before the policy date and that were not listed as exceptions in the policy. Defects arising after closing date are generally not covered; neither are defects listed as exceptions (Schedule B items).
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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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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