All of the following are typically covered by a standard owner's title insurance policy in Florida EXCEPT:
Correct Answer
C) Environmental contamination discovered after closing
Environmental contamination is NOT covered by standard title insurance policies as it relates to the physical condition of the property, not title defects. Option A is incorrect because forged documents are covered as they affect the validity of title. Option B is incorrect because undisclosed easements of record are typically covered title defects. Option D is incorrect because errors in public records that affect title are standard coverage items.
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More Titles Deeds Recording Questions
In a Tampa transaction, a buyer wants the Florida rule on chain of title. Which statement is correct?
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Sarah is selling her Miami Beach condominium to Robert. At closing, she signs a deed that contains warranties that she owns the property and has the right to convey it, but provides no warranties against defects that existed before she acquired the property. What type of deed did Sarah most likely execute?
- → All of the following are essential elements of a valid deed in Florida EXCEPT:
- → John and Mary own property in Jacksonville as tenants by the entirety. John wants to secretly transfer his interest to his business partner without Mary's knowledge or consent. He executes a quitclaim deed to his partner. What is the effect of this deed?
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A lender in Orlando requires a borrower to purchase a lender's title insurance policy for a $300,000 mortgage. What is the primary purpose of this policy?
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A Tampa property is being purchased for $450,000. The buyer wants to know the cost of owner's title insurance. Using Florida's promulgated rate of $5.75 per $1,000 of coverage, what is the title insurance premium?