Both the buyer and the ______ should have title insurance.

Title insurance is an important aspect of property transactions, particularly for protecting the interests of both parties involved in a real estate deal. In the context of buyers and lenders, title insurance serves to guard against potential issues with the property's title, such as liens, encumbrances, or other claims that may arise after the sale is finalized.

When a buyer takes out a loan to purchase a property, lenders typically require title insurance to ensure that their financial investment is secure. The lender’s title insurance protects them from any defects in the title that could negatively impact the ability to collect on the loan. If a title defect arises, the lender can make a claim on the insurance, thus safeguarding their financial interests.

While buyers may also obtain title insurance to protect their investment, the lender's need for title insurance is particularly strong as their financial stake is directly tied to the validity of the title. Because of this relationship, it is essential for a lender to have title insurance to mitigate risk associated with their financing of the property. This is why the lender is the correct answer in this context.