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. 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.
The seller is required to provided a clear title; purchasing title insurance is generally a part of this.
A seller with no title insurance:If a person has offered their property for sale and accepted an offer to purchase generally the intelligent buyer's attorney will have the title to the property examined by a professional title examiner. If the title exam reveals a defect in the title and the seller was not covered by a title insurance policy then the seller must pay to have the defect resolved. Title defects can be very costly to resolve.Generally, if the seller chooses not to have the defect resolved the buyer can back out of the sale and get their deposit back. However, the seller has been put on notice regarding the defect.The new owner's title insurance:The new title insurance does NOT affect the seller in any way. Coverage is given only to the new owner under the Owner's Policy. If the seller cannot clear the defects and the buyer still wants to purchase the property, the issuing Title Agency has the option of insuring the title, but excepting the defects from coverage to the new owner. Thereby, the risk is assumed by the buyer, not by the Title Agency.
A: The question of who pays the Title insurance is always negotiable and can be worked in to the real estate sales contract to assign this cost to either buyer or seller. As for a refinance, although the buyer tradionally pays, if you are doing a loan modification of your exhisting loan, most often an additional title policy is not required depending on the loan. The borrower (owner) pays for the title insurance on a Mortgage Policy when they are doing a refinance. As to who pays for the Owner's Title insurance on a purchase is strictly negotiable between buyer and seller. It can be negotiated as part of the terms of sale. In some states, typically the seller pays, since they have the burden of proof of good, clear, marketable title. In other states, the buyer pays. It is rather based on the "lay of the land" of which is the normal way of doing buiness in your particular state. In many states, the seller pays for the searches done on the property he is selling and the buyer pays the premium and other fees for the actual insurance coverage. However, there are no laws concerning who is responsible to pay for the title insurance or the title searches. Who ultimately pays for what specific fees should be negotiated from the beginning. If the buyer agrees to pay all fees, the buyer takes the financial burden and risk of paying for search fees on a property that may have serious title issues making it extremely difficult to sell, which the seller may have already known about but did not disclose. Therefore, it is always a good idea to ask for a copy of the Seller's "back title", the Owner's Policy that was issued to the seller when they bought it.
“A seller cannot convey a better title to the buyer than he himself has.” Discuss the exceptions to this rule.
“A seller cannot convey a better title to the buyer than he himself has.” Discuss the exceptions to this rule.
Seller or buyer can pay for the title insurance. Whatever is mutually acceptable by both parties. In some states, the buyer always pays the entire fees. In other states, the seller always pays the entire fees. However, this can always be negotiated. I have seen split fees where the seller will pay for the searches and the buyer pays all premium, recording and incidental charges. Many sellers elect to have a Title Report (no insurance, just information) run on the property when they put it up for sale so there will be no surprises later on. If the buyer uses the same title agency for the sale, typically the title agency will not charge full search fees, instead applying what the seller has already paid for the Report, towards the final title closing fees. Therefore, the fees are negotiable and usually follow the standard practice for the area where you live.
In my state you only need to have Liability insurance the get a title and register the vehicle. If, however you have a loan on the car the lender will require you to have full coverage.
The seller will get the title. It may vary in different states, but I would suggest the buyer have a notarized document prepared which has a promise that the seller will turn the vehicle/title over. It a chance that buyer will take.
Not sure but i think can't transfer real estate title insurance to buyer
Incoterm FCA means "Free Carrier" which means that the seller delivers the goods, cleared for export to the carrier, nominated by the buyer at the named place. Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier. Incoterm FCA means "Free Carrier" which means that the seller delivers the goods, cleared for export to the carrier, nominated by the buyer at the named place. Title and risk pass to buyer including transportation and insurance cost when the seller delivers goods cleared for export to the carrier.
Say "we had a unexpected change in the title & that we now have a new opening in the title"
release the vehicle to the buyer
You need to pay the lien. A prudent buyer has the title examined before purchase. That way, liens are disclosed and the seller must pay them out of the proceeds of the sale. Then the buyer takes title free and clear of liens.You need to pay the lien. A prudent buyer has the title examined before purchase. That way, liens are disclosed and the seller must pay them out of the proceeds of the sale. Then the buyer takes title free and clear of liens.You need to pay the lien. A prudent buyer has the title examined before purchase. That way, liens are disclosed and the seller must pay them out of the proceeds of the sale. Then the buyer takes title free and clear of liens.You need to pay the lien. A prudent buyer has the title examined before purchase. That way, liens are disclosed and the seller must pay them out of the proceeds of the sale. Then the buyer takes title free and clear of liens.
Does the seller pay fortitle insurance policy
If you live in a state that does not regulate the fees/premiums, then a title agency may be willing to negotiate the costs of the premiums. Or, they may be able to negotiate some of the fees, like searches/abstracts, copy fees, etc. If you live in a regulated states, all fees or some fees may be overseen by that State's Department of Insurance and whatever are the state-regulated fees MUST be charged. It would be illegal to over-charge or under-charge the fees. A Buyer and Seller can negotiate freely as to who pays what fees of the title insurance costs. In some states, tradionally a seller pays for the Owner's Policy and the Buyer pays for the loan policy covering their mortgage. In other states the seller pays for all fees and in others, the buyer pays. However, there are no laws as to who pays for what, therefore, between the buyer and seller, it is always open to negotiation.
Title insurance protects you against hidden problems with the ownership of the property, i.e. if the seller doesn't have full rights to sell. It insures that there are no liens or mortgages left unsatisfied on the property. When a buyer purchases a property, title insurance protects them from any claims of ownership, lien, or mortgage placed on the property before the buyer takes title to the property. If the information upon which the title insurance is based is incorrect, and a claim is asserted against your ownership of the home, then the policy indemnifies or protects you from experiencing a financial loss directly attributable to a claim that is covered by the policy.
When you are selling a car, it is the buyer's responsibility to get the car registered. The seller should sign the title over to the buyer and the buyer is then responsible to take it to the license bureau for further action.
You sign the title where is shows seller and fill in the information of the buyer and have them sign as buyer. Its a good idea to make a copy of the title (front and back) just in case the buyer doesnt title it right away so you can prove that you sold it if you get a tax notice.
Yesm, as a buyer of property (even with a warranty deed), you should require the seller to obtain title insurance to back up its claim of ownership. Otherwise, when you receive their worthless ownership in the form of a deed, without title insurance, you might never recover the cost of the property, when it happens to belong to someone else you never heard of. Similarly, as a buyer, you will want title insurance for your own peace of mind; knowing that you won't have to pay to quiet title, or sue the sellers on the warranty, in the event there is ever a dispute. As a lender, you must insist on title insurance, to protect the value of your security interest against seizure by someone with a better claim than your borrower.
I think it may mean that the seller of the vehicle will "hold the loan" or will let the buyer make payments to them and once paid in full, seller will then sign title over to buyer.
A judgment creates a cloud on the title. Any buyer, lender or title insurance company would require that the lien be paid before they will complete any transaction with you relating to your property.
FOB = Free On Board. It's the physical geographical point at which title (and the risk of loss) transfers to the buyer from the seller. It can be the shipping point, delivery point, or any intermediary waypoint such as an ocean port on either end. The buyer is responsible for shipping charges from the FOB point onwards as well. CNF = Cost, No Insurance & Freight. The cost of the goods plus freight charges. The buyer is responsible for any insurance costs. This is usually the best way as it allows the buyer to use a local insurance carrier of his choice. See CIF below. CIF = Cost, Insurance & Freight. As above but includes insurance purchased by the shipper. Not a wise idea on international shipments as it may be difficult to file a claim. And the shipper chooses the insurance carrier so rates are often higher.