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Home Buying in Greektown : Real Estate Advice

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Fri Oct 12, 2007
Patti Pereyra answered:
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.
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