Both Answers Are Correct!

Both A & B are correct, but both A & B may be incorrect as well! The real answer is "not necessarily."

Question:

10. I will automatically be issued an Owner's Policy of Title Insurance at closing.

A. True
B. False

Answer:

The answer is "not necessarily." In some parts of the country the answer to this question is yes, in some parts the answer is no. Talk to your lender and title company to find out how it is done in your area, and insist on receiving an Owner's Policy of Title Insurance. Who pays for the Owner's Policy varies from state to state and sometimes by county. Ask your title company or Realtor how it is handled where you live.

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