|
Q.What are "Exceptions" to the title policy?
A.When a title search is performed, the title insurance company generally will not list any of the exceptions. Typically an attorney who reviews a title insurance policy will be able to prepare a list of any title exceptions. Exceptions are situations where the title owner of the property has relinquished control over some aspect of the property, such as a shared driveway, an easement to the city for sidewalk, an easement to a public utility for electricity, etc. If as a buyer an exception is discovered that is a deal breaker, the buyer can object within a specified amount of time, the seller will then be given a certain amount of time to resolve the exceptions, and if it can't be resolved then the buyer can legally get out of the purchase contract.
Without an attorney the buyer typically will not be apprised about the exceptions, will not know to, or how to, object to an exception, and will not get clarification about why they are not necessary.
|
|
