Escrow & Title
A Wyoming title insurance policy protects the policyholder against:
AFuture zoning changes affecting the property
BDefects in title that existed at or before closing, including unknown claims or liens✓ Correct
CEnvironmental contamination discovered after closing
DProperty damage caused by natural disasters
Explanation
Title insurance protects against defects in title that existed at or before the policy date, including unknown liens, encumbrances, forged documents, errors in public records, and undisclosed heirs. It does not cover future events.
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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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Math Concepts
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