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LSDefine

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
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
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windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
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