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Who Buys The Title Insurance?
September 20th, 2007 categories: Tampa Florida Real Estate, Tampa Real Estate, Tips for Sellers
Got an e-mail inquiry from a website visitor recently who was asking what his closing costs would be when he ultimately finds a buyer for his home. A follow-up phone call reveled that he is selling his home himself and was concerned that several real estate agents had told him that he was responsible for purchasing his buyer’s title insurance policy.
So who is required to purchase the title insurance?
In Florida, it is standard for the seller to purchase what is referred to as the owner’s title policy. This is a policy which insures a property owner should a claim arise against the property after the purchase has been completed. Examples are a tax lien or a contractor’s lien for work that was done but never paid for. The title search and title insurance ensures that no outstanding claims exist.
If the buyer is financing the purchase, the lender will also require coverage since the lender will have a substantial interest in the property as well. This is known as the lender’s title policy. The lender’s title policy is usually purchased by the buyer.
However, none of this should be assumed. It should all be addressed in writing in the contract to purchase the property. It is in both buyer’s and seller’s best interests to confirm who is paying for each cost associated with closing the transaction. Anything not spelled out in writing could jeopardize the transaction, and create problems in deciding who retains any deposits held in escrow.
2 Responses to “Who Buys The Title Insurance?”
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Also Noteworthy
How's The Market In Your Neighborhood?
Nothing should be assumed. In Miami-Dade and Broward Counties it is customary for the buyer to pay all title insurance premiums. The contract for purchase is the deciding factor.
The good news is that the promulgated rate for a simultaneous policy is only $25. If you are paying more, keep shopping.
That’s right. Nothing should be assumed. If it’s not in writing, problems will arise. Our standard contract has check boxes for which party selects title and which party pays.