How to Get Title Insurance
If you’re planning to invest on a certain property, you will need to look for a title company. Your lawyer or bank will insist on making the title order but if you’re having second thoughts, you can turn down the offer and look for the right title company.
Know your rights and make an informed choice.
When refinancing or purchasing a new home, it is your right to choose a title company. Even if someone has already chosen a title company that will handle matters, you can still turn down the offer and pick your preferred company. This is one way to save money in today’s fragile economy. The first thing that you must do is find out if the premiums of the title insurance are set by the federal government or state. The regulations tend to differ from one state to another. In most states, it is the government that regulates title insurance.
Finding the Right Title Company
If you live in a state where the government regulates the premiums, no company can offer you a lower amount. Don’t feel unlucky if the state where you live is responsible for the regulation because there are still other ways to get a good deal. The next thing that you must do is inquire about the search fees. In some states, this is also regulated, but not all. A title report is usually prepared by the title company and at closing the company will demand payment for that report. As mentioned earlier, in some states the search fees are also regulated. If not, you can shop around for the right company.
There are title companies that charge minimal search fees and you must find them. The attorney or bank will most likely offer to do the order for you but you don’t have to concede. In fact, it is your right to turn down their offer and look for the title company that meets your requirements. If you’re having second thoughts, try to conduct a little research to find out the search fees that you’re about to pay at closing. Try to compare it with the title company of your choice. Choose one that offers a smaller fee.
While it’s true that you can trust your lawyers or banks, this is isn’t the case all the time. In some situations, these people get perks by recommending the title company to you. If they insist that you go for the title company, then the more you must look for another company that you can trust. The internet is at your disposal. You can use it any time to conduct a thorough research on the various companies in your area. Take your time and make an informed decision. After locating the right company, you can now proceed and secure a title for your property. Getting title insurance is much easier if you work with the right people.
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