If I decide to get a buyer's title insurance policy how much will it cost and how often do I have to pay the premium? Is it yearly? I live in Massachusetts. Thanks
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Editor's Response
No, title insurance is a one time expense paid at the time you purchase your home. If you refinance, the lender may make you buy a new lender's policy, but your owner's policy (if you elected to purchase it) will remain in effect until you sell your home.
The cost is related to the value of your home at the time you purchase it. Your closing attorney can give you an exact quote. For real estate purchases in Massachusetts, I will guess that the average rate for a lender's policy is around $250 for every $100,000 borrowed. For an owner's policy the average is around $375 for every $100,000. Good luck.