Transaction Eligibility

The equiLite Policy is available for transactions that meet the following eligibility requirements:

• The property is 1–4 family residential or condominium. This product is not available for commercial or agricultural property, mobile/manufactured homes, or vacant land.

• The transaction is a second or lesser priority lien or home equity loan securing a monetary debt obligation. This product is not available for a first lien position or a home equity investment/equity share/option transaction.

• The obligation secured by the lien does not exceed $500,000.

• The property is located in the State of Maine. 

• The First American policy issuing agent has executed the equiLite amendment to the agency agreement.

Covered Risks

Subject to the Exclusions from Coverage, Exceptions and Conditions in the equiLite Policy, the covered risks are summarized below:

• The grantee identified in the equiLite Policy not being the same as the grantee on the last deed of record.

• The legal description identified in the equiLite Policy not being the same as the legal description on the last deed of record.

• A Monetary lien recorded after the most recent Full Value Deed.

• Lack of priority for future advances and/or a variable interest rate.

Unlike other forms of lender title coverage, the equiLite Policy does not insure against the invalidity or unenforceability of the Identified Mortgage and the title being vested other than as shown in the equiLite Policy, and unlike other forms of lender title coverage, the equiLite Policy does not include any duty to defend the Insured or prosecute claims on its behalf, instead, First American has the option, at its discretion, to elect to defend the Insured.