No experience...Title Insurance question

Sent you a pm.

 

I always questioned why I had to pay title insurance on my equity when I was also paying for title insurance on the bank loan. I figured that the bank was putting up most of the money and, if they were comfortable with the title, I would be too.

It never got me off of paying for the title insurance on my share of the purchase price though!

My lawyers always instructed me to bring plenty of checks to a real estate closing. Everyone has their hand out for a piece of the action.

 

check out www.entitledirect.com If they do NY (I don't know for certain) their premiums are 35% less.

All other title companies use regulated pricing and do not vary.

 

Yep-but don't forget that a good portion of the closing costs here in NY are mortgage and transfer taxes-no way around them...........astronomical recording fees here also. NY has the highest closing costs in the country-and I live in the county with the highest taxes in the U.S......

 

Old Republic's premiums are 15% higher on all purchase transactions under $1M; above a $1m they are all equal. Most of the major national underwriters deviated 15% lower about 5 years ago.

There are other ancillary costs outside of the premiums-building, bankruptcy, patriot and other municipal searches that are NOT regulated.

 

Just closed on a re-fi here (W'chstr) as well...the costs are ridiculous.

 

I sold title insurance in NY for 3 years prior to the real estate collapse. It is not mandatory, however no bank will loan you money with out them being covered. Simo - fee(owner) and bank recieve a major discount on the total. Entitle does do NY and why not check them out. Otherwise you can look at the larger companies who have loads of funds in reserve if they had to make a payout. One other tidbit you may want to consider, your insurer may offer an endorcement to keep the insurance escalating with the value of the property, usually very cheap and if your house does go up in value substancially you have no loss whatsoever. Good luck and enjoy Orange County.

 

Market Value Rider endorsements are 10% of the premium.