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The standard Residential Offer to Purchase requires that a Seller deliver merchantable title to the buyer. In most cases, the seller, for the benefit of the buyer, accomplishes this through the purchase of a title insurance policy. If you are working with an attorney from our office, we will review the title insurance commitment on your behalf and work to have removable exceptions cured prior to closing. If you are using a lender to finance your transaction, you will have to purchase a title insurance policy for your lender. That cost of the lender's policy is generally $150.00. It is advisable to speak with an attorney regarding the title insurance commitment provided by the seller.
The American Land Title Association, commonly known as ALTA, offers consumer information and has answers to questions about title insurance.
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