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Simple English definitions for legal terms

owner's policy

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A quick definition of owner's policy:

An owner's policy is a type of insurance that protects the owner of a property from any potential issues with the title of the property. This policy also covers the mortgage lender's interest in the property. Essentially, it ensures that the owner has legal ownership of the property and that there are no outstanding claims or liens against it.

A more thorough explanation:

An owner's policy is a type of title insurance policy that covers the owner's title to a property as well as the mortgagee's interest. This means that if there are any issues with the title, such as liens or other claims, the owner is protected from financial loss.

For example, if John buys a house and obtains a mortgage from a bank, the bank will require a mortgagee policy to protect their interest in the property. However, John may also choose to purchase an owner's policy to protect his own interest in the property. If it is later discovered that there is a lien on the property that was not disclosed during the sale, both the bank and John would be protected by their respective policies.

Another example would be if Sarah inherits a piece of land from her grandmother. She decides to build a house on the land and takes out a mortgage to finance the construction. In this case, Sarah would need both a mortgagee policy to protect the bank's interest in the property and an owner's policy to protect her own interest as the owner of the land and the house.

ownership-in-place theory | own-product exclusion

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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