Escrow & Title
A buyer's lender requires a lender's title insurance policy. Who typically pays for this in Alabama?
AThe seller
BThe buyer✓ Correct
CThe real estate broker
DThe title company
Explanation
In Alabama, the buyer typically pays for the lender's title insurance policy (required by the lender) as part of their closing costs.
Related Alabama Escrow & Title Questions
- RESPA requires that buyers receive a copy of the 'Your Home Loan Toolkit' brochure within how many business days of loan application?
- In a typical Alabama residential closing, who prepares the HUD-1 or Closing Disclosure?
- The Closing Disclosure (CD) must be provided to the buyer at least how many business days before closing?
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- A buyer who receives a title insurance policy discovers after closing that there is a judgment lien from the previous owner's unpaid debt. The title insurance company will:
- In a 1031 exchange, a real estate investor:
- When real estate closing costs are prorated, the standard method used in most Alabama transactions is:
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