This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
The policy itself consists of a number of printed pages on which are written the name of the assured, the description of the property insured and the defects or incumbrances affecting the title, and against which the company assumes no liability. The description of the property is contained in what is known as Schedule "A."
Schedule "B" contains a statement of the defects and incumbrances against the title, and this schedule every assured should carefully scrutinize, or he may find the policy a disappointment. He should take nothing for granted. When an assured sells he should make a contract which conforms to the policy; that is to say, the contract should contain the description of the property contained in the policy, and the assured should not agree to sell except subject to the incumbrances and defects, if any, shown in the policy. Unless this is done, he may find he has lost the protection of the policy, because the insuring company only agrees to enforce a contract of sale made in accordance with the policy. The printed portions of the policy contain the conditions on which the insurance is made and are fair and unobjectionable.