When you’re purchasing a property, you want to protect that investment. You want to make sure the deal is finalized without complications. And you want to know that someone is looking out for your best interests. After all, purchasing a home can be one of the biggest investments you make in your life, and it’s worth protecting.
But when you’re shopping for a title company, what should you be keeping top of mind?
Here are three things to consider when you are shopping for a title company.
- Consider the reputation of the title insurance company, as well as the cost.
You may be required to carry title insurance, but did you know you can choose the title insurance company? That’s right. A good place to start is by asking people you trust who they would recommend. Of course, cost is a consideration as well, and not one to take lightly. Premiums can vary, but more than that, you may be able to obtain some discounts. For example, in some states, if you get coverage for both yourself and your lender, you may be eligible for what’s called a simultaneous issue discount. More, if the property had title insurance purchased on it sometime within the past ten years and you can provide a copy of the policy, you may be able to obtain a “reissue rate.” Those savings can add up. - Compare fees equally when soliciting estimates from title insurance companies.
When you’re looking at the fees associated with title insurance, be sure to take a close look at the details, and be certain you’re comparing apples to apples. Some companies may not have all the fees itemized or listed, while others may perform associated duties within the estimate provided, such as notarizing documents and conducting that all-important closing. - Remember why title insurance matters.
Part of the excitement of buying a new home or property is making it your own. But before you start buying that perfect shade of gray for your living room or the ideal curtains for the kitchen, take time to reflect upon why title insurance matters. From title defects to bills unpaid by the previous owner, to surprise heirs showing up, title insurance eliminates your risk, giving you the peace of mind you want when you have those keys in hand.
Selecting the right title insurance company is just as important as understanding why title insurance is such a vital part of the property buying process. With these considerations in mind, you’re ready to make a wise choice in protecting your investment.