Lender's Policy (Mortgagee Policy)

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Chapter 8
Property Rights
Title, Deeds And Ownership Restrictions
- Concept of Title. Who Really Owns It?
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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Title, Deeds And Ownership Restrictions

Section 24 of 39

Lender's Policy (Mortgagee Policy) protects: the bank and their unpaid balance of the mortgage loan. (As you pay down the loan, the coverage amount decreases).Transferable? YES. Banks sell loans to other banks all the time. The insurance travels with the mortgage.Requirement: YES. If you want a loan, the bank will force you to buy this policy to protect their investment.Think of the Abstract of Title as the "Evidence" and the Title Opinion as the "Verdict." But since lawyers make mistakes too, Title Insurance is the "Safety Net" that pays out if the verdict was wrong.