Escrow & Title
In Florida, which party typically pays for the owner's title insurance policy in a standard transaction?
AIt is always split equally between buyer and seller
BCustoms vary by county; in many counties the seller pays, but this is negotiable✓ Correct
CThe lender always pays for the owner's policy
DThe buyer always pays in Florida
Explanation
In Florida, the custom for who pays for the owner's title insurance varies by county. In many South Florida counties the buyer pays; in many other Florida counties the seller 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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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