In the State of Florida, the practice is that the seller pays for title insurance. Title insurance, as we understand it, is typically added to the basis (cost) of the home. We further understand if the buyer had paid for the insurance it would be added to the basis. Our question is even though we (the buyers) did not pay, are we allowed to add this cost to the basis.
We have read on the web, "Title insurance paid by seller, can buyer add to basis of property - Title insurance is such an expense, and you add its cost to the cost basis of your home."
We just are being cautious t one sure this allowed. Thank you in advance.
