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Who pays for title insurance on a home purchase?
My husband and I are in the middle of closing on our first house. From looking at the paperwork, it seems that we’re being asked by our bank to buy lender’s title insurance, I get that. Our real estate agent is saying that we also have to buy our owner’s title insurance policy. But I thought the seller is supposed to pay that. Who pays for title insurance on a home purchase?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It depends upon where the house is located and the details of your contract. The first title insurance you mentioned is taken out to protect your lender—and the buyer taking out the mortgage will always be responsible for that bill.
In the case of the buyer’s title insurance, in some areas of the country, it’s customary for the seller to pay that cost, but in other areas, the buyer covers the cost. In a seller’s market, it’s not uncommon for buyers to cover the cost of title insurance—and other closing costs—to sweeten their offer.
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