Escrow & Title
In a New York residential closing, who typically pays the title insurance premium?
AThe seller always pays
BThe buyer pays for the owner's policy; the lender's policy is paid by the buyer as a condition of the loan✓ Correct
CThe government pays for all residential title insurance
DThe broker pays as a condition of their listing agreement
Explanation
In New York, the buyer typically pays for both the owner's title insurance policy (to protect their equity) and the lender's title insurance policy (required by the lender as a condition of the loan). New York title insurance premiums are regulated by the state.
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