Escrow & Title
An owner's title insurance policy in Arizona is typically paid for by:
AThe buyer in all transactions
BThe seller in all transactions
CThe party designated in the purchase contract, which varies by county custom✓ Correct
DThe lender
Explanation
In Arizona, the purchase contract specifies who pays for title insurance. By custom, it varies by county—in some counties the seller pays for the owner's policy; 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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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