Property Ownership, Transfer of Title and Land Use 10.1.4

Question 1

What two different types of policies are there?

Answer 1

Owner’s policy and Lenders Policy

Question 2

Owner’s policy is?

Answer 2

paid for and provided by the Grantor and issued for the benefit of the Grantee (new owner).

The policy amount is based on the sale price or value of the property.

Question 3

The Lender’s policy is?

Answer 3

paid for by a borrowing buyer and issued for the benefit of the lender.

Coverage corresponds with the amount of their loan.

It does not protect owner’s interest.