Escrow & Title
In Alaska, who typically pays for the owner's title insurance policy?
AAlways the buyer
BAlways the seller
CIt varies by local custom and is negotiable between buyer and seller✓ Correct
DThe lender always pays it
Explanation
Who pays for the owner's title insurance policy in Alaska varies by local custom and negotiation. In some areas the seller customarily pays; in others the buyer pays.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
DRE Regulation
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