Important Things to Remember When Purchasing Georgia Title Insurance
If you are the seller in Georgia and your real-estate sales and purchase contract calls for you to provide owner’s title insurance for the buyer, than you will be paying for the owner’s title policy. Since the owner’s title insurance policy is the largest title insurance expense, you will be the party entitled to pick the Georgia title insurance company who will provide closing and title services for the transaction. The title insurance policy is not the only title-related expense that you will incur on your closing statement. Depending on the language of your contract, you will also see other fees that can be substantial. Some of these may include settlement or closing fees, title search, and title examination. Many title companies add additional fees for wires and couriers as well. It is important to be prepared with the amounts and compare the entire list of title charges that will be included on the settlement statement early in the selling process. You will then be able to avoid being unhappily surprised or stuck with fees you didn’t expect on the day of closing. Shopping and comparing with EasyTitleQuote.com for title insurance companies in Georgia is free and well worth the peace of mind of knowing that you will be paying for only the services and fees you’ve already agreed to pay when you select your new title company.
If you are the buyer in an Georgia real estate transaction, it will also depend on the sales/purchase contract which is usually written to follow the tradition of that particular Georgia county regarding who pays for the title insurance. If your Georgia real estate sales/purchase contract calls for you to purchase the owner’s title policy, you will also have gained the right to pick which Georgia title company handles the transaction because you will be paying for the greater portion of title insurance policy costs and fees. If you are also taking a mortgage to help purchase the property, most lenders will require a separate lender’s title insurance policy paid for by you, the borrower. This lender’s title insurance policy can be written simultaneously to the owner’s title insurance policy, at huge discount to you. Many companies choose to inflate the price of a simultaneously issued lenders title policy, but in Georgia, the actual minimum an Georgia Title Company can charge for a lenders title insurance policy issued at the same time as the more expensive owner’s title policy is $25.00. So although it can be expected for a company to make a profit, this gives the Georgia title insurance consumer a better idea of how much profit would seem reasonable.
The third instance in which title insurance is purchased in Georgia is in the case of an Georgia Refinance transaction. When you refinance an existing loan on a Georgia property, chances are likely that you already have an owner’s title policy somewhere in the papers you received when you first purchased the property. If you can produce a copy of the owners title insurance policy from when you bought the Georgia home you are refinancing, and if you give a copy of it to the title company who you have hired to do the title insurance work for the refinance, you are then entitled to a very large discount on the lenders title insurance policy that is going to be required by your new mortgage lender. This discount is mandatory and is called “Reissue Credit”. Many title insurance companies have faced disciplinary action for not offering Reissue Credit when it is relevant to the transaction. Once again, since you are the one paying for the refinance costs and the lenders title insurance required for the refinance, you are in charge of choosing which title company will do the title work for your Georgia Refinance. Exercise your power to compare and choose for yourself!
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