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I'll be closing on the purchase of a home in CO remotely soon. I received some stuff from the Title company, which had an itemized list the the title fees. One thing that jumped out at me was the high Owner's policy fee. I asked my lender about this, and they told me not to worry because I don't pay the Owner's policy fee. Really?? Doesn't someone have to pay for that?
Last edited by Moonwalkr; 05-21-2008 at 09:45 AM..
Reason: clarify: purchasing home
if you're selling it then you should be paying higher
Eh? Common local practice is to split the owner's policy premium equally between buyer and seller. The idea is based on use of abstracts of title in years past. The seller brought the abstract up to date and the buyer pays for a title opinion. Lender's endorsements/coverage are paid in full by the buyer. That said there is no law or regulation on the subject here - it's subject to negotiation. Customs differ in different locales.
not common enough. I just did a closing FL where the seller paid 1200, and the buyer paid 400.
Either way I do think it's up to negotiation
Quote:
Originally Posted by windtimber
Eh? Common local practice is to split the owner's policy premium equally between buyer and seller. The idea is based on use of abstracts of title in years past. The seller brought the abstract up to date and the buyer pays for a title opinion. Lender's endorsements/coverage are paid in full by the buyer. That said there is no law or regulation on the subject here - it's subject to negotiation. Customs differ in different locales.
Ok after finally getting in touch with the title company, they said the seller pays for the owner's premium. They also seem dumbfounded that I would ask such a silly question. Of course I had to explain to them real estate is local, and we do things differently in NC (we paid for everything as buyers, but it was pretty darn inexpensive).
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