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A PUD is a single family dwelling
False
Where is the legal description located on the title commitment?
Exhibit A
Where can you locate the vesting information on the title commitment?
Schedule A
A title Commitment includes a property description, names of title holders, and how title is held
True
If property is in a life estate we cannot accept applications, we require the borrower to get removed from the Life estate.
True
There are 3 types of Title insurance Policies
False
Freedom works with only preferred title companies
False
What does APN stand for?
Assessor parcel number
______ is when the owner has Full Control of all rights to the property
Fee Simple
Where are the exceptions located on the title commitment?
Schedule B II
Title insurance is required to ensure title is clear of any defects, to ensure the name of the owner is correct, to ensure that freedom’s mortgage is in 1st lien position
True
Why is title insurance needed?
To protect the lender and to have clear title and ownership
The borrower must have a owners policy?
False, the lender does not require the borrower to purchase an owners policy. Its up the borrower.
If there are liens on title we can clear title?
No, we must ensure all additional liens are addressed before we clear title.
