Escrow & Title
In Idaho, which party typically pays for the owner's title insurance policy?
AAlways the buyer
BAlways the seller
CIt is negotiable and varies by local custom and contract terms✓ Correct
DAlways split equally between buyer and seller
Explanation
In Idaho, who pays for owner's title insurance is a matter of negotiation and local custom. The purchase contract should specify which party is responsible for this cost.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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