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05-15-2009, 02:33 AM
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Senior Member
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Join Date: Mar 2009
155 posts, read 82,450 times
Reputation: 66
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If property was sold a few months ago, can the title insurance be reissued?
Can I save money on closing costs if the property was sold a few months ago by not paying again for title insurance but rather to reissue it? Anyone done this?
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05-15-2009, 06:45 AM
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Senior Member
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Join Date: Aug 2008
Location: Plano, Texas
676 posts, read 366,515 times
Reputation: 153
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This may be specific for the state you live. In Texas a new policy would have to be bought. If refinancing, there would be a 40% discount on the policy since less than 2 years old.
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05-15-2009, 08:39 AM
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Junior Member
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Join Date: Dec 2008
5 posts, read 1,993 times
Reputation: 10
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Yes, just had the same issue come up. In Michigan, at least, the closing notary said a title reissue can be done if the home purchase was 12 months ago or less.
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05-15-2009, 09:49 AM
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Senior Member
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Join Date: Mar 2009
155 posts, read 82,450 times
Reputation: 66
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I'll have to check into this since they are charging me $800 for title insurance. Funny how all the fees are nice round numbers? I don't suppose they round them down?
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05-15-2009, 10:02 AM
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Junior Member
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Join Date: Dec 2008
5 posts, read 1,993 times
Reputation: 10
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Yep, they can charge you $800 for title insurance, even if it cost them only $600, and then they pocket the $200. Can you tell I've been through this? HUD gets millions of complaints regarding this.
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05-15-2009, 11:00 AM
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Senior Member
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Join Date: Mar 2007
1,820 posts, read 1,618,192 times
Reputation: 356
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Quote:
Originally Posted by glenn_1000
Can I save money on closing costs if the property was sold a few months ago by not paying again for title insurance but rather to reissue it? Anyone done this?
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Are you purchasing or refinancing? |
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05-15-2009, 11:09 AM
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Senior Member
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Join Date: Aug 2008
Location: Plano, Texas
676 posts, read 366,515 times
Reputation: 153
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I like i stated earlier, not sure about other states, but title insurance in Texas is set by the state. You do get discounts based on the length of time you have had current policy.
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05-16-2009, 09:22 AM
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Senior Member
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Join Date: Mar 2009
155 posts, read 82,450 times
Reputation: 66
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This is for a purchase in CA.
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05-18-2009, 08:06 AM
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Senior Member
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Join Date: Jan 2009
Location: Ocean County, NJ
154 posts, read 84,784 times
Reputation: 28
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According to my lawyer re-issue rates are no longer allowed in NJ. I don't know if this applies to all of the US or not. I am buying a new home and wanted to try to get a re-issue rate based on the builders title search but as of about 3 months ago it's no longer allowed.  |
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