A Key West buyer purchases a historic property and later discovers that a preservation easement was recorded but not disclosed in the title commitment. The easement severely restricts renovation plans. What is the buyer's best course of action regarding their title insurance?
Correct Answer
A) File a claim for the title company's failure to discover and report the easement
Correct: If a recorded easement was not disclosed in the title commitment, this represents an error by the title company that should be covered under the policy. Why not B: Even historic properties deserve proper disclosure of all recorded restrictions. Why not C: The remedy comes from title insurance, not directly from the seller. Why not D: Title insurance coverage typically includes the full impact of the undisclosed restriction, not just alternative costs.
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Previous Question
All of the following situations would typically result in a title insurance claim being paid in Florida EXCEPT:
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A Tallahassee buyer purchases a property for $275,000 with a $220,000 mortgage. The title insurance rates are $4.50 per $1,000 for the owner's policy and $3.00 per $1,000 for the lender's policy. What is the total title insurance premium?