Home Buying in Greektown>Question Details

Rahul, Home Buyer in Chicago, IL

Hi, will be closing on a house soon

Asked by Rahul, Chicago, IL Fri Oct 12, 2007

Hi, will be closing on a house soon in chicago area,cook county,does the seller usually pays for title insurance in chicago area, it says on the contract seller will provide title insurance at closing.,so I hope they will pay for it.,you never know...
do you recommend anything/suggestions for me please.

Help the community by answering this question:


Hi Ute,

In Illinois, usually the seller picks the title company since they are paying for the premium. It can be negotiated that the buyer choose, but it should be done at the beginning of the process.
1 vote Thank Flag Link Fri Oct 12, 2007
Hey, who gave me a thumbs down and why? I speak from experience as an Illinois real estate paralegal who worked with an Illinois RE attorney who was also a title agent, so I did title work as well. So, if I'm wrong, inform me rather than thumbs down me. Thanks.
0 votes Thank Flag Link Fri Oct 12, 2007
Hi Rahul. If the contract says that seller will provide the title insurance, then I would think the seller will pay for it. My question is, who picks the title company that issues the insurance? Typically, it's the buyer's choice. You may want to read Section 9 of RESPA, which deals with that. I have included the link to RESPA below.
0 votes Thank Flag Link Fri Oct 12, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
Hi Rahul,

Yes, in Illinois the seller typically pays for the title insurance (Owner Policy) and the buyer pays for the mortage policy (Lender Policy), and unless this was negotiated to be different at the begninning of the process in the contract, you can safely assume it will be the case.

The title insurance policy is based on the price of the house; the mortage policy is usually a flat rate and less expensive than the title insurance.

Hope that helps.
0 votes Thank Flag Link Fri Oct 12, 2007
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