Buying A Home
MommyLiberty5013
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Title Insurance Companies?
I know what title insurance is, but I'm wondering which companies people use and find good.
Also, is it one up-front cost paid at closing or is it monthly, annually???
And, is it fairly typical to pay $5 per $1,000? Or, do you have some other amount?
Thanks.
Re: Title Insurance Companies?
So far as I know, title companies are a local thing that a national board wouldn't be able to help you with. While there are a few major underwriters/backers of the actual insurance policies, the companies you'd choose from are local people who physically go down to your county courthouse to pull all the documents and make sure they're in order and that no one else has a claim to your land.
You pay it once in a lump sum at closing and it covers you as long as you own the home. We haven't purchased in a couple years, so I don't remember what we paid.
Even if you ask on your local board, I doubt you'd be able to find reviews. Title insurance isn't often called upon compared to homeowner's insurance (and this is a good thing!), so few people would have anything to say about XYZ company doing a great/poor job when a defect was found after closing.
I'm not 100% on all this, so someone can correct me if I'm wrong, but I'm fairly certain I've got it right here.
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Thinking of doing cosmetic updates to a dated home? These were our costs.
I'm midway through closing on my first home. The title insurance company I'm using is at the request of the seller; it is a local company. Like PP said, my understanding is that they are all local as they physically go to your closing and court house to file the papers.
It's standard for the buyer and seller to each pay 50% of the cost; my half of the title insurance cost is $1,600. Not sure if it's a percentage of purchase price (my home is in the 550k range). It's a one time payment made at closing. Hope that help!
You can probably find a rec on Angie's List if you're on there. The company we're using is the one that works with our REA's office. I *think* it's based on the purchase price of the home and (at least here) the price is regulated by the state.
If the house you're buying was purchased by the current sellers less than 10 years ago you may be able to get a lower rate because they only have to reissue it.
Yep. Ask your realtor for recommendations, but in our area the seller chooses unless you specify otherwise. Since our law firm knows most of the title companies in the area, I did specify which one I wanted-they are known to the be quickest.