How to Get Title Insurance Elk Grove CA
Whenever you purchase or refinance your home you pay thousands to a title insurance company somebody else probably chose for you. The fact is, you have a Federal Right to choose your own title company, and doing so may save you hundreds or more.
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How to Get Title Insurance
Steps
- Find out if the title insurance premiums in your state are determined by the government. All states in the U.S. are different, but most regulate title insurance premiums to the penny. This means no title insurance company can offer you lower premiums than another company. So, the first thing to find out is whether the state where the property is located is like this. If it is...
- Find out if the "search fees" are regulated as well. Before a title company issues an insurance policy it prepares a title report. At the closing, the title company then charges you for that report. In some states, the fees charged are determined by the state government, much like the insurance premiums. However, in other states, the search fees vary from company to company. If the search fees are not regulated...
- Shop around for a title company. Some title companies offer lower search fees than others and some will not charge any search fees at all.
- Order your own title. While your bank or attorney may want to order for you, it is not their right to do so. It is your right, and you should never feel obligated to use a company you did not choose for yourself.
Tips
- Even if your attorney, broker or bank chose a title company for you, find out before the closing what the search fees will be. If you're not happy with them, try to get them lowered or cancel the title order and order from another company
- Some attorneys, brokers and banks like to choose your title company for you because "they know they can trust" the company of their own choosing. Sometimes this is true, other times the attorneys, brokers and bank know that the more orders they send a particular title company, the more perks they will get out of it as being loyal customers.
Warnings
- Never believe any bank, broker or attorney who says you must use any particular title company
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