Actual ownership of a piece of property is obtained by receiving "title" to the property. The manner in which title is "held" shows the actual entities that own the property. There are two title insurance policies on each transaction.
Basically, the seller buys a policy to insure there are no "clouds" on the title, and title may pass freely to the buyer. The buyer also buys a policy to insure his lender against personal clouds being brought to the property, lawsuits, etc. The fees for these policies, unless otherwise agreed on, are typically paid by the party as stated.
Title issues can be complicated; we will leave this in brief here, and offer a reference for you should you need further information. Call us at (714) 299-7325 for more information!
For quick questions, feel free to send a note and one of our real estate professionals will be in contact with you shortly!
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