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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?
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.
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.
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?
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.
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?
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.
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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