How do I get around adverse possession?
If you find that your property is being used by someone else, one easy way to protect yourself from adverse possession is to give the trespasser permission to use your property. This defeats the criteria of hostile ownership. Be sure to give them permission in writing.
Which of the following problems would be covered by an extended coverage title policy but not by a standard coverage policy quizlet?
Encroachment and Adverse Possession: Encroachments, adverse possession, and other problems that would be discovered by inspection are covered by an extended coverage policy, but not by a standard coverage policy.
Who is usually responsible for providing marketable title to the property?
Most contracts state that the seller is responsible for providing marketable title to the property. The term marketable means a title that has no defects that could carry over as a problem for the new owners at whatever time they decide to sell.
Which of the following title insurance policies is the most common?
The most common type of title insurance is lender’s title insurance, which the borrower purchases to protect the lender. The other type is owner’s title insurance, which is often paid for by the seller to protect the buyer’s equity in the property.
What is acceptable evidence of marketable title?
The best evidence of marketable title is a lender`s or owner`s title insurance policy. But when a title insurance company is willing to insure the title, the buyer or lender feels confident the title is marketable.
What causes a title to be unmarketable?
A title to a piece of land is considered unmarketable if there are encumbrances on the land, such as mortgages, unless the buyer waives them. Title is also unmarketable if the land was obtained through adverse possession, or if the land violates any zoning laws.
Why is title insurance important?
An Owner’s Title Insurance Policy is your best protection against potential defects that can remain hidden despite the most thorough search of public records. A Lender’s Title Insurance Policy also exists to protect your mortgage lender’s interest.
Which of the following is acceptable evidence of marketable title?