You May Be Entitled To A Reduced Premium For Title Insurance
November 6th, 2007 Categories: Daytona Beach Real Estate, How To & Tips, Port Orange Real Estate
Start searching for a copy of your prior owners policy of title insurance insuring the title of the Port Orange property you are selling or refinancing.
Title companies require that the effective dates of the prior owners policy be within a certain date range and that the property insured by the policy must be unimproved.
Some title companies will even accept the prior policy up to 5 working days after the closing date of your transaction!
This bring down rate means that the title company needs to search the title back only this certain period of time when the title was last insured .
Although everything is negotiable on a sales contract, typically the seller pays for Title Insurance in our market.
You may be eligible for a discounted title insurance premium on:
Refinance Transactions
Sales Transactions
You will need a copy of your (or your sellers) prior owners policy of title insurance insuring the title to the Port Orange property
or
a copy of a policy meeting the requirements for the SALES TRANSACTION on that particular property.
Lastly, title insurance is unusual because you pay a one time, upfront premium for coverage that lasts as long as the owner and the heirs own the property!
If you would like to save money, we can help!
Look for more money real estate money saving tips for buyers and sellers here at Port Orange Juice.
