Escrow & Title
In Georgia, which party typically pays for the owner's title insurance policy?
AA. The buyer always pays
BB. The seller always pays
CC. It is negotiable and varies by contract and local custom✓ Correct
DD. The lender pays for both lender's and owner's policies
Explanation
In Georgia, who pays for the owner's title insurance policy is negotiable and varies by contract and local custom. In some areas sellers traditionally pay; in others buyers pay.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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