Title vs. Escrow
This department investigates ownership, liens, easements, restrictions, and title issues.
What is Title?
This party has the right to use and occupy property under a lease.
What is a Lessee, Tenant, or leaseholder?
This endorsement may be used when the terms of an existing loan have been modified after the original policy was issued.
What is a Mortgage Modification Endorsement?
This is the highest form of ownership.
What is Fee Simple?
Leasehold Policy issued. No deed found. Your next step would be to _____________.
What is INVESTIGATE?
This department manages funds, signatures, payoff, recording coordination, and closing.
What is Escrow?
TRUE or FALSE. Leasehold ownership includes ownership of the land.
FALSE. The leaseholder has use rights, not ownership of the land.
True or False. A stand-alone endorsement automatically means a recording occurred.
FALSE. A stand-alone endorsement may indicate additional activity occurred, but it does not automatically mean a recording exists.
Two owners hold equal interests with rights of survivorship. When one owner dies, the surviving owner(s) automatically inherits the deceased owner's interest.
What is Joint Tenancy?
True or False. A stand-alone endorsement was issued 3 months after the policy date. You should immediately escalate the file because additional activity occurred after policy issuance.
FALSE. Before escalating, investigate whether supporting documentation exists and determine what activity caused the endorsement to be issued.
Name one piece of evidence DTG Detectives commonly review during their due diligence process.
Possible answers: What is a Policy? What is an Endorsement? What is a Recording? What is the Production System? What is SmartView? What are File Notes?
Name one common leasehold document.
The question a DTG Detective should ask when reviewing a stand-alone endorsement.
What happened in this file?
Grants a person, company, or government entity the legal right to use a specific portion of someone else's land for a specific purpose.
What is Easement Right?
Cash Sale Transaction. Only an Owner's Policy is issued. There is no mortgage or deed located for the transaction. Your next step is to ___________.
What is ESCALATE? Cash Sale Transactions should contain a deed for the conveyance.
True or False. Escrow determines insurability.
FALSE. Title determines insurability.
TRUE or FALSE. A deed is always expected in a leasehold transaction.
FALSE
This document commonly supports an Assignment Endorsement.
What is an Assignment of Mortgage or Assignment of Deed of Trust?
Property is owned by a trustee on behalf of beneficiaries.
What is Trust Ownership?
A Mortgage Modification Endorsement is issued 8 months after policy issuance. You should ______.
What is INVESTIGATE?
Before examining evidence in SV, where should every DTG Detective start their investigation?
What is DTS or the Production System?
A Leasehold Policy exists. No deed is in the file. As a detective, you should first determine _______.
What interest is being insured?
A recording appears 6 months after policy issuance. What's the first thing you should determine?
Was this a delayed recording or post-policy activity?
This ownership interest allows a party to use and occupy property without owning the underlying land.
What is a Leasehold?
The Title Policy and supporting documents tell different stories. You should ______.
What is ESCALATE?