Whenever you are going to refinance or purchase home, you have to pay thousands of dollars to the title insurance company. It may somebody else probably choose for you. Actually you have a Federal right to choose your own title insurance company. It might save you a hundred or more.
- Find about insurance premiums of your state: First find out whether the title insurance premiums are determined by your state government. There are differences each state of the United States. But most of the state governments are regulate the title insurance premiums to the penny. Which means no title insurance company can offer the life insurance premiums at lower than the other company? So, you need to find out in the state where the property is located.
- Search fee regulation: Once you located, find out how the search fees are regulated in that area. The title insurance company prepares a title report before it issues an insurance policy. For that report, the title company will charge you at the time of closing. As like insurance premiums regulations, the fees charged also determined in some states by its governments. The states where a search fee is not regulated by the state governments, it is vary based on the company.
- Shop around: Shop around for the title insurance company. If the search fee regulations are not there in the state, some companies offer at lower search fees and some companies are do it for free of charge.
- Order for your title insurance: Remember while the attorney or the bank want to order a title insurance premium for you, they do not have any rights to do so. It is your right to select the title insurance company. You should never feel bind to use a company’s insurance policy that you did not choose for yourself.
Even if your bank, broker, or attorney chose a title insurance company for you, find out clearly what the search fee will be charged by the title company before the closing. If you are not satisfied or unhappy with them, try to get the prices lowered. If not possible, cancel the title order. Go to another company and order for the title. Some banks, brokers and attorneys shows interest to choose your title service company for your, because of they know they can trust that company of their own choosing. Sometimes the brokers, banks and attorneys send more orders to a particular company, to get the perks and being loyal customers. Never believe when any attorney or broker or bank who says that you must have to choose or use any of particular title company only. If you want, more information about it search in the state government websites and post your queries in the forums. You will be better informed.
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