Title Insurance Responsibilities Vary By State and County
If you're buying property, you need to get title insurance if you want to protect your investment. But who pays for it? That's where things get a little complex. While there are some general customs, specifics can vary based on locality, so it pays to do your homework.
In Many Cases, Sellers Pay for an Owner's Policy
In many parts of the country, it's customary for the seller of a property to pay for the buyer's owner's title insurance policy. And, it's also somewhat common for the buyer to pay for the lender's policy. However, there are some areas where the buyer typically pays for everything, and other areas where the seller is usually responsible for footing the bill.
Remember, Everything in Real Estate is Negotiable
While it might be easiest simply to follow local customs in the area where you're purchasing property, you aren't necessarily bound by them. For example, if you're buying a property, and you'd like for the seller to pay for all or part of your title insurance, have your agent or attorney try to negotiate on your behalf; if you never ask, you'll never find out.