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jenheartsrob
LIF Adult
Member since 5/06 1861 total posts
Name:
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Cost of title insurance
We're looking at our Good Faith Estimate now and I have no idea if this is a 'good' price for the title insurance.
It seems very high to me, but I don't know. Is there a standard rate or formula that's used, or do you just shop around for a title person?
The GFE has the owners' title insurance as $3600 and lenders' title insurance is $6100.
Does that sound reasonable? Who was your title co and do you recommend them? :)
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Posted 3/22/10 9:27 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Cost of title insurance
Title insurance is regulated by the state so you should see huge fee differences between companies. I used a very good family friend for title insurance and he couldnt do much for me with the rates.
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| Posted 3/22/10 9:30 PM |
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scanlj
LIF Toddler
Member since 4/09 379 total posts
Name:
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Re: Cost of title insurance
I used Entitle. They are an online company, but they were on top of things. They had the lowest rate.
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| Posted 3/23/10 9:28 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Cost of title insurance
I was told title insurance is NYS regulated so the fee is set, you can't shop around for it.
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| Posted 3/23/10 10:33 AM |
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hmm8191
My loves
Member since 3/06 2908 total posts
Name:
Heather
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Re: Cost of title insurance
Our lawyer used Elite Land Services and our title bill was just about 8.5K. I think a lot of it depends on your purchase price but really isn't flexible or negotiable.
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| Posted 3/23/10 11:29 AM |
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: Cost of title insurance
Posted by jenheartsrob
We're looking at our Good Faith Estimate now and I have no idea if this is a 'good' price for the title insurance.
It seems very high to me, but I don't know. Is there a standard rate or formula that's used, or do you just shop around for a title person?
The GFE has the owners' title insurance as $3600 and lenders' title insurance is $6100.
Does that sound reasonable? Who was your title co and do you recommend them? :)
The lenders insurance should not be more than the owners..its usually way less..maybe 6100 is the total? Title insurance is NYS mandated ...no one can change the rate..the only thing that might make the prices differ would be cost of municipals, survey and things like that the the companies can control themselves. As the buyer it is by law your choice as to what title company you want your attorney to use. If you go on my companies website we have a closing cost calculator that you can play with to get an idea. www.abstractsinc.com
HTH
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| Posted 3/23/10 4:15 PM |
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