What is Title Insurance?

Title insurance protects buyers from defects or problems when transferring ownership between properties. It is government-regulated and required on all purchase and refinance transactions.

When purchasing or refinancing a property, your attorney or mortgage professional will generally recommend a title company that they have formed a relationship with. Professionals will sometimes say the cost of insurance is the same no matter what company you choose. However, this is not the case.

While the base insurance policy cost is typically the same, companies often charge different fee. Some of these may include flood certificate fees, courier fees, CPL fees, EDoc fees, examination fees, search fees, notary fees, endorsement fees, settlement fees, and more. Therefore, at the risk of sounding like a broken record, we recommend that you shop around for title insurance.

In general, we recommend you get quotes (in writing) from at least three companies. Then, compare costs and make an educated decision with the help of your mortgage professional or attorney. By doing this research and choosing the right company, you could save a significant amount of money. After all, when buying or refinancing a home, every penny counts!