Escrow & Title
In a NC residential transaction, who typically pays the owner's title insurance premium?
AThe buyer pays, as it protects the buyer✓ Correct
BThe seller pays by custom in many NC markets, though it is negotiable
CThe lender always pays
DThe closing attorney pays from closing fees
Explanation
While practices vary, it is common in NC for the buyer to pay for their own owner's title insurance policy since it protects the buyer's interest. However, this is negotiable and varies by market and contract.
Related North Carolina Escrow & Title Questions
- A 'title search' in NC involves:
- An 'abstract of title' in NC is:
- A NC 'ALTA survey' (comprehensive land title survey) differs from a standard boundary survey in that it also identifies:
- Under NC law, the priority of a purchase money deed of trust (given at time of sale) over other liens is established by:
- A mechanic's lien in NC can be filed by:
- A 'deed in lieu of foreclosure' in NC means the borrower:
- An abstract of title in North Carolina is:
- When NC property taxes are overdue, the county may begin the 'tax foreclosure' process. Before the property can be sold at tax sale, the owner typically has the right to:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →