Escrow & Title
A buyer's title insurance policy (owner's policy) is typically paid for by:
AAlways the buyer
BAlways the seller
CEither party based on local custom or negotiation✓ Correct
DThe title company
Explanation
Who pays for the owner's title insurance policy varies by local custom and contract negotiation. In some areas the seller pays; in others the buyer 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.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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