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Originally Posted by Knighterrant
I am closing on selling my house with TV. The sales contract states that the seller will pay for the buyer’s title insurance. And that the buyer will pay for the lender’s title insurance.
I have received my closing disclosure, and the disclosure identifies the seller (me) paying for both buyer’s and lender’s title insurance. I questioned the title company regarding this, and the title company assured me that both amounts identified on the disclosure were actually buyer’s title insurance.
The title company stated that they have to identify the buyer’s title insurance in two different amounts and on two different lines on the disclosure form. The smaller amount is identified as “buyer’s title insurance” and the larger amount is identified as “lender’s title insurance”.
I provided the title company with the sales contract showing that the buyer is to pay lender’s title insurance. I am only to pay for the buyer’s title insurance. The title company stated that both amounts were my responsibility, and the title company has to identify a portion of the buyer’s title insurance as “lender’s title insurance” due to government standards.
The sales company is TV. The buyer’s lender is Citizens First. And the title company is Peninsula Land and Title.
I have discussed this with some others, two of whom have sold houses in TV (one within the last month). And both have had similar experiences. One seller had to close and paid both fees. The other seller refused to close the transaction - this transaction ultimately closed with the realtor reimbursing the fees to the seller to facilitate the closing. I fall into the category of having to close.
I Searched TOTV, and did not see any other posts referencing this issue. Given my discussions have identified two additional people, I’m curious to learn if there are others with similar experiences.
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I am a Realtor and never had that issue. Both Title Insurances are listed as a Buyers cost abnd then the Lenders Title is listed as a credit, so it washes out the Lenders Title. This has to be done when doing a Mortgage. If it is a Cash Deal then it is just listed as a Credit. Possibly your Lender is not familiar with Florida as to this process. I know I was not coming from doing Mortgages in NYS.