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Ruth, Other/Just Looking in

Who pays the title insurance in Vriginia, specifically chesterfield county.?

Asked by Ruth, Wed Aug 15, 2007

I'm trying to figure out what our costs will be as sellers. I can't figure out who pays for what.

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The purchaser pays for title insurance again, (as Danilo answered perfectly) there are two types of owner's coverage which the title company should explain to you thoroughly. Each policy is underwritten differently and your coverage will be unique to your situation. The difference in most cases is that the "enhanced" policy typically accounts for appreciation so that if a defect should arise, you are covered for not just the sales price but for any appreciation which has accrued.

The seller pays for the title search to assure there are no liens or defects in title.

Hope this helps!
2 votes Thank Flag Link Tue Aug 21, 2007
At least in Virginia, the buyer pays for title insurance. Lender's title insurance is mandatory if you have a loan. Owner's title insurance is optional.

There are different types of owner's title insurance as well. Some companies offer Mechanic's Lien coverage as part of the "Standard" (less expensive) policy while others only offer it as part of the "Enhanced" (usually 20% more expensive) policy.

Most buyers I work with get the "Standard" owner's title insurance policy, which has Mechanic's Lien coverage along with it. This is the case because my buyer's settlements typically take place at one particular title company here in Ashburn and the company they use for title insurance policy is very fair and offers Mechanic's Lien coverage as part of their "Standard" policy.

Consult either the settlement company/agent where you're settling or call around to various settlement companies/agents to get quotes on what title insurance policies they offer and how much they cost. You can also ask your real estate agent (if you're using one) to get you this info in order to save you time and energy.
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1 vote Thank Flag Link Wed Aug 15, 2007
In my transactions, it is a buyer expense but we almost always get the seller to credit them at closing.
0 votes Thank Flag Link Sat Jul 14, 2012
In Virginia, the buyer always pays for title insurance. There is lender and owner title insurance. Lender is required if you are getting a loan and I would recommend to always get owner to cover your down payment and any equity you build while living in the home. As a side note I would highly recommend always getting the enhanced title policy. For a minimal amount more than the basic policy you get a lot more coverage. Well worth it!
0 votes Thank Flag Link Fri Jul 13, 2012
It depends on how your contract is written. Typically here in Texas the seller would pay, but it is a negotiable item.
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0 votes Thank Flag Link Wed Aug 15, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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In a contract for sale, the Buyer pays for title insurance. There are 2 types of title insurance. One is mandatory and covers the lender, the second is optional and covers the Buyer. It is highly recommended that the Buyer purchase title insurnace for him or herself.

Let me know if I can be of any other help.

Deb
0 votes Thank Flag Link Wed Aug 15, 2007
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