What is Title Insurance?
Title insurance protects buyers from defects or problems when transferring ownership between properties. It is government-regulated and required on all purchase and refinance transactions.
When purchasing or refinancing a property, your attorney or mortgage professional will generally recommend a title company that they have formed a relationship with. Professionals will sometimes say the cost of insurance is the same no matter what company you choose. However, this is not the case.
While the base insurance policy cost is typically the same, companies often charge varied amounts for each additional fee. Some of these may include flood certificate fees, courier fees, CPL fees, EDoc fees, examination fees, search fees, notary fees, endorsement fees, settlement fees, and more. All these fees add up. Therefore, you can potentially save hundreds of dollars on top of the actual cost of the policy by shopping around for title insurance.
We recommend you receive written quotes from at least three companies. Then, compare costs and make an educated decision with the help of your mortgage professional or attorney. By doing this research and choosing the right company, you could save a significant amount of money. After all, when buying or refinancing a home every penny counts!