who pays owner's title insurance

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Aspanbay

New member
When you buy a new house from the builder, who pays owner's title insurance? It seems my builder asks me to pay a owner's title insurance, which is usually paid by a seller in a regular transaction. Is it negotiable?
 
Owners title payment was part of your original purchase contract. Was this not explained clearly when you signed up? If not, then you can always ask, but expect to hear a firm "no". If you're asking at the closing table to have the fee paid by the builder, the chances of this being absorbed by the builder are narrower still.

Did the lender you're using disclose Owners Title as a fee you'll be paying? If not, if they assumed the "seller" is paying it, you could push the lender to pay for it.  Just thinking this whole thing through here....

My .02c

Soylent Green Is People
 
Consumers HATE bundling, when the cable company does it or title companies; and that's what your title company is likely doing. They're bundling owner's title policy, lender's title policy, and title services charges together. They'll argue the total is cheaper than purchasing these services separately.

We asked for owner's title policy to be removed. We're buying from a builder. I'm comfortable taking the risk that they have clear title. I'm comfortable that if they don't, I can receive compensation in the future for this failure. The Irvine Company isn't going out of business. However, the price our title company offered for just lender's title and title services, exceeded the bundled price. Nice, eh?
 
The norm is that the BUYER pays for the owner's title policy AND county transfer tax on new home purchases.  For resales, the SELLER normally pays for both the owner's title policy AND county transfer tax. 
 
Perspective said:
Consumers HATE bundling, when the cable company does it or title companies; and that's what your title company is likely doing. They're bundling owner's title policy, lender's title policy, and title services charges together. They'll argue the total is cheaper than purchasing these services separately.

We asked for owner's title policy to be removed. We're buying from a builder. I'm comfortable taking the risk that they have clear title. I'm comfortable that if they don't, I can receive compensation in the future for this failure. The Irvine Company isn't going out of business. However, the price our title company offered for just lender's title and title services, exceeded the bundled price. Nice, eh?
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I am in same spot as you are in, in escrow for a new condo in PS, and heavily advised on buying title insurance policy even though the condo is 2015 built by the builder, but its costing me $1600 jut for that and i think i will have to buy it :(
 
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