Variable cost of Title insurance in Maryland?? (sale, buyer)

[idreos]

I notice on the GCAAR Buyer's Estimated Costs Worksheet that the owners coverage cost of title insurance shows a rate range of $4 to $4.75 per $1000 in sale price.
What determines the large nearly 20% variance from $4 to 4.75.
Is the cost of title insurance set by law depending on the type of property purchased?
Can you shop for quotes from Title companies?

[bufflove]

You certainly can shop for quotes and there will be some variation in price both w/the title insurance cost (it's not set by law, as far as I've ever noticed), specifically, and other related fees, e.g. doc processing.

One trick I've used to save a few bucks is title companies commonly offer a discount if you've done business w/them in the past. Another trick - which I haven't personally used - is to employ the same title company the current seller used when purchasing the property (you'll have to have your agent request the info from the sellers). The company has already previously done the title research for the property and underwritten the risk and should, in turn, offer you a discounted rate and/or waive the doc processing fee.

[Baghead]

I'm a little suspicious of title company practices. They gave me a nice laminated survey of my property when I bought it, but they didn't put down stakes. I called the company whose name is on the survey, to find out that they don't exist anymore.


Or is it that they just pulled an old survey, slapped a name on it and charged me $700? Perish the thought.

[cjmeck]

The cost varies because there are different levels of title insurance. For example; a basic policy vs an "expanded" policy. Best thing to do is to consult the title company on what the differences are between the 2 plans. Don't skip out on it all together though. You'll hopefully never need it but you'll be glad you have it. The rates are all pretty much the same at various title companies.