How do you like your steak?
Every month, I receive questions about real estate from buyers, sellers, and people who are just curious. I am always happy to answer them. If I publish your question, I’ll send you a gift card for Perry’s Steak House as my way of saying thanks for asking me. Call 281-599-6575, or email your questions to RDR@DaleRoss.com. This month’s question is posed by Jay. Thank you, Jay!
Enjoy your steak!
Q: What is a title policy and why does the seller have to pay for one?
A: Hi Jay,
The title policy insures a seller (and a buyer) against future loss from a lawsuit brought on by the purchaser (or anyone else) in the event of a problem found with the title after the buyer has closed on a property. If a problem arises in the title, the title company would pay the buyer the loss up to the cost of the original home sale price. In the resale market, the cost of the title policy is negotiable between buyer and seller, but traditionally the seller pays the title policy in our market. On new home sales, builders usually write into the main body of the contract that the buyer pays for the title policy. If a buyer has a good realtor, the title policy can usually be negotiated to be paid by the builder.
Until next month,
Look for ‘How Do You Like Your Steak’ – Part 3 in this series.
Dale Ross — The Home Marketing Expert
Dale Ross Realty Group
920 South Fry Rd, Katy, TX 77450
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