In a home purchase, both the buyer and the seller typically have responsibilities related to title insurance.
The buyer is typically responsible for purchasing a title insurance policy for the property. This policy helps to protect the buyer’s financial interest in the property by insuring against any unknown title defects or liens that may exist on the property. The buyer can typically purchase a policy from a title insurance company or through a title company, which is a company that specializes in handling real estate transactions and related services.
The seller, on the other hand, is typically responsible for providing the buyer with a clear and marketable title to the property. This means that the seller must ensure that they have the legal right to sell the property, and that there are no outstanding liens or other claims against the property.
In some cases, a seller may also be required to purchase a title insurance policy that would be in effect for a certain period of time after the sale of the property, or they may be required to obtain an owner’s policy that would insure their own interest in the property.
It’s important to note that regulations and laws on title insurance vary from state to state so, it’s best to check with a professional for details on your specific purchase.
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