Where is the legal description located on the title commitment?
Exhibit A
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15
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
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15
Where can you locate the vesting information on the title commitment?
Schedule A
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15
A title Commitment includes a property description, names of title holders, and how title is held
True
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15
Freedom works with only preferred title companies
False
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15
A borrower must have a owners policy to proceed?
False, the lender does not require the borrower to purchase an owners policy. Its up the borrower.
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15
There are 3 types of Title insurance Policies
False
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trap
No points!
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rocket
Go to first place!
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shark
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15
What does APN stand for?
Assessor parcel number (also might see tax ID, Parcel number, APN,)
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15
If there are additional liens on title we can clear title?
No, we must ensure all additional liens are addressed before we clear title.
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15
A PUD can include shared amenities such as parks, pools, or playgrounds.
True
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magnet
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shark
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15
Why is title insurance needed?
To protect the lender and to have clear title and ownership
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baam
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gift
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15
If property is in a life estate we cannot accept applications, we require the borrower to get removed from the Life estate.
True
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15
Where are the exceptions located on the title commitment?
