What is Title Insurance?
What Homebuyers and Homeowners Should Know About Title Insurance
Title Insurance protects buyers from defects or problems when transferring ownership between properties. Title insurance 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 the insurance is the same no matter what company you choose. This is not the case!
The base insurance policy is the same, but companies charge varied amounts for each additional fee. Some of these may include flood certificate fee, courier fee, CPL fee, EDoc fee, examination fee, search fee, notary fee, endorsement fee, settlement fee and more. You can potentially save hundreds of dollars on top of the actual cost of the policy.
You should shop title insurance and receive written quotes from at least three companies. Compare costs and make an educated decision yourself with the help of your mortgage professional or attorney. Doing this research and choosing the right company could save you a significant amount of money. When buying or refinancing a home every penny counts!