Often when potential homeowners are in the process of searching for or buying a home, they become bogged down by hypotheticals and by all that they have to do, and forget to consider title insurance. However, title insurance offers ideal protections for buyers and their lenders from future property ownership claims, unforeseen liens, cloudy titles, or other complications. If you are looking to get all of those important protections and save money, read on.
Be Sure To Shop Around For The Best Deal
Depending upon the state you live in, title insurance premiums and costs can vary. If you are looking to save money on title insurance, it is important that you understand how this works in your state so you can make the smart decisions which are best for you and your future home. In several states, insurance providers can set their own rates, which means that title insurance premiums can vary widely. The only way you can find the best rate is by comparing the ones from different companies.
Negotiate Add On Fees In Order To Save Money On Title Insurance
While some homeowners can shop around for rates in different states, this may not be possible in other states where insurance, including title insurance, is highly regulated. Despite this, in nearly all cases, there and ancillary fees involved with purchasing title insurance. Generally, these can be negotiated regardless of the initial costs.
Ask About The “Simultaneous Issue Rate”
While homeowners buy title insurance to protect themselves in the case of title issues, their mortgage company will most likely require that an entirely separate insurance policy be issued in the lender’s name and it is the borrower’s responsibility to pay for both. However, there is a way which homeowners can purchase both to save money. When you purchase both at the same time, you can get a simultaneous issue rate.
Get In Touch With Colony Title Today For All Of Your Title insurance Needs
At Colony Title, we’ll make sure you don’t run into any complications with your property’s title and help you find cost effective solutions. Specializing in real estate title insurance in Maryland and DC, our agents will perform a title search, check all past documentation, and seek to uncover any fraud or forgery associated with the title. Protect yourself from legal intervention caused by property disputes and call Colony Title today!
If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410-884-1160 or visit ColonyTitle.com today!