Is the buyer or seller responsible for title insurance?

Answer

Here in California, it is a matter of local custom.

In Southern California, typically the seller agrees to purchase the owners policy for the buyer, the buyer supplies the title insurance for the lender.

In Northern California, the buyer typically pays for both policies. It is, however, a matter that is covered in the contract between the seller and buyer and is negotiable, as is everything else.

Answer

All closing costs can be negotiated as part of the sales contract.

Who pays for title insurance varies from state to state based on local custom, but can be negotiated between the buyer and seller as part of the sales contract.

There are no laws providing for either party to be required to pay.

In the case where the seller has elected to pay title expenses, the buyer needs to make sure that the Lender has approved those fees to be paid by the seller.

Some types of mortgages require that the buyer/borrower have a certain amount of funds available for the closing fees and may "cap" what fees can or cannot be paid by the seller in behalf of the buyer.

• Share of insurance sector in gdp of whole world?
• Indicate the relation between Financial leverage and financial risk?
• What are the requirements to open a title company in Missouri?