I have seen Owner's Policies issued to a purchaser at foreclosure or to a purchaser from the lender after foreclosure from the same firm that prepared the initial Judicial Report (which is basically a lien report in disguise) using the same exceptions shown in the limited search judicial report including the exception: "subject to conditions, restrictions, and reservations of record". Does the purchaser really understand this (inappropiate) exception? Is this acceptable to the underwriter?