Portion of Owner's Policy Paid by Seller?
33,268I am in the process of selling my home. I just received a copy of the HUD Settement Statement from my realtor. one of the items is the "Portion of Owner's Policy Paid by Seller". What is this amount based on and is it normally the seller's responsibility to pay or can it be split/negotiated between buyer and seller?
2 answer(s)
#1 Awarded – Best AnswerAbout 10 years ago
On page 2 in paragraph 6.A. of the contract you signed to sell your property, you and the buyer agreed to who pays for the title policy. Yes, that was something you could have negotiated as a buyer's expense, as you will see on your contract there is a check box indicating the buyer could have paid this fee. But you negotiated otherwise.
The calculation for the cost of the title policy is found here at this link, http://www.stewart.com/texas/title-premium-calculator
vm
The calculation for the cost of the title policy is found here at this link, http://www.stewart.com/texas/title-premium-calculator
vm
source:
http://www.stewart.com/texas/title-premium-calculator <br>
http://www.stewart.com/texas/title-premium-calculator <br>
Like (2)
DislikeAbout 10 years ago
Great question! Yes, in a resale contract, typically the Owners Fee Policy for Title Insurance is paid by the seller. Of course everything is negotiable, and this can be too. I am assuming that since you are reviewing an estimated HUD you already have a contract on your home. The contract states who is paying the title insurance. This is negotiable, however, if you have already signed the contract you have already committed to paying it. Your agent can explain this to you as well. Good luck, and congratulations!
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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