One of the largest closing costs a home buyer pays at settlement is the title insurance policy required by their mortgage lender. Title insurance protects the home buyer (and the lender) against any title claims by prior owners or lien holders.
But there is a way to save hundreds or even thousands of dollars off of the title insurance premium — and it doesn’t cost the home buyer a thing. When negotiating the purchase contract, buyers should ask the seller of the property for a copy of their title insurance policy. With it, a reduced title insurance reissue rate can be obtained.
Most buyers are not aware that they can get this significant savings simply by asking for it up front — the best part is that there is nothing else that the home buyer needs to do to qualify for it.
Some things to keep in mind:
- The prior owner’s title policy needs to be less than 10 years old — Meaning they bought the home within the last 10 years to have a policy that would be eligible for a reissue rate.
- Ask for a copy of the title policy up front — It’s best to request the document from the home seller early in the process. Ideally it is included in the purchase contract.
- You may qualify for the reissue rate without a copy of the policy — Some title companies can search their title insurers database to see if they have records of it. If so, you may not even need the physical copy from the prior owner.
Want to learn more about this and other ways to save money? Check out our Home Buyer Tips Blog.
The DMV is a competitive market, and you really need an agent on your side. To learn more about how GreenLine Real Estate Agents can help you buy your next home, click here for more information.
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