Title insurance for a given policy is a one-time fee. An owner’s policy is paid for when a property is purchased and coverage lasts until the property is sold or conveyed. A loan policy is purchased when a loan is made and coverage lasts until the loan is discharged.
** Buyer designates a party to a sale transaction. A buyer may finance a purchase with a loan or pay cash. Borrower designates a party to a loan-only (e.g., refinance) transaction.