Title Insurance
I just sold a rehab property thru an agent. I had to pay title insurance when I bought the place and just now when I sold it. Why both? I always thought the buyer was the one who worried about clear title.
I just sold a rehab property thru an agent. I had to pay title insurance when I bought the place and just now when I sold it. Why both? I always thought the buyer was the one who worried about clear title.
I understand that it depends on how your contract was written. Typically the buyer pays for it, but if they wrote in the contract that you would pay for it and you agreed (when you signed), that is just a standard agreement between two parties.
JS.
Generally the seller provides title insurance (insuring that he does in fact have title to what he is selling) and the buyer must buy mortgage title insurance if taking out a mortgage.
Hopefully you provided your prior policy to the title company before closing; this saves them a lot of work and covers the period before it was issued, and so will garner you a substantial discount on your new policy (depending on how long ago the prior policy was issued).
Chris
That sucks. I didnt give them my old policy. I paid about $450 for each policy.
That was very good advice always show the prior title policy, even when making a purchase on any property not only on a refinance. If they have the policy and it is within 10 years you can get the discount, you do not need a copy on a refi they should autimatically give you the discount.