There are a lot of things to consider when you are purchasing real estate, such as title insurance. When you are looking for title insurance, there are some factors that you want to keep in mind.
Determining If The Prices Are Regulated
If you live in a state where the cost of title insurance is regulated, you will not have to worry about the price of the insurance varying too much from one company the the next. To find out if you are purchasing property in a state that has such regulations, you will want to get in touch with the state insurance department or the lender that you will be going through. If you do not live in a state where the cost is regulated, you could notice a significant jump in the cost from one company to the next, so it is important to make sure that you are getting the best deal possible.
Figuring Out Who Pays
The responsible party for the purchase of the real estate title services will vary from one state to the next. In some states, the seller will pick up the tab. However, if you find that you are in a state that requires you to purchase the title insurance, you could still try to negotiate to get some assistance with the cost of it. This way, the total amount of the title insurance does not have to financially burden you so much.
Find Your Own Company
You want to make sure that you are not automatically going through any title insurance company that a seller or lender is trying to refer you to. It is best to find an independent, non-bias title insurance company. This way, you will know without a doubt that they are doing everything that they can make sure that the title is clear and that there is nothing preventing you from moving forward with the process of purchasing the property that you want.
While it might seem like a lot to go through, skipping out on the process of obtaining title insurance is not really something that you can do. Many lenders require the purchase of it in order to ensure that their financial interest in the property is well protected. Therefore, you might want to go ahead and get started sooner rather than later so you can finalize the purchase of your new piece of real estate.