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Title
Title of Policy
Term | Definition |
---|---|
Owners Policy | Usually provided and paid for by the seller. |
Lenders Mortgagees Policy | Insures the lenders interest in the property against losses due to a defective title. |
Cloud on Title | Defects effecting marketability |
Quieting Title Suit | Court-ordered hearing held to determine land ownership |
Sellers Affidavit | Selller is required by title company to sign a statement at closing declaring he is not aware of any clouds . |
Subrogation Clause | A clause in the title policy that allows the insurance company who pays a claim to seek reimbursement. |