Escrow & Title
In Rhode Island, what is an 'owner's title insurance policy' and who typically pays for it?
AAn insurance policy protecting the lender; typically paid by the buyer
BAn insurance policy protecting the buyer's ownership interest; typically paid by the buyer or as negotiated✓ Correct
CAn insurance policy covering the physical structure of the home
DAn insurance policy required by Rhode Island law for all sales
Explanation
An owner's title insurance policy protects the buyer's ownership interest against title defects. In Rhode Island, who pays for owner's title insurance is typically negotiated between buyer and seller, though it is commonly paid by the buyer.
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