Q: Who pays for title insurance, and how much is it?
A: You pay for the lender's coverage, and the price will be based on the loan amount. For a $150,000 loan in West Virginia, for example, coverage would cost a one-time fee of around $500, said Savitt.
The price of owner's title insurance will also vary depending on where you live. In New York, title insurance companies follow established rates. This is not the case in most states, however, according to Buxbaum.
On average, getting owner's title insurance on a $250,000 home would cost about a one-time fee of about $900, according to the American Land Title Association.
Where you live typically determines who pays. On much of the West Coast, the seller typically foots the bill for owner's coverage, according to the association. On the East Coast, it's usually the buyer.
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