Title Insurance for Connecticut Real Estate.
Title Insurance is a onetime purchase when purchasing a home or refinancing a mortgage that covers losses that may result from defects in the title. These policies insure that a property is free and clear of liens, mortgages or other claims against the property.
A “title search” is a search usually done by an attorney or a title searcher who will review the records of the property at the town clerk’s office and should reveal any liens, judgments, restrictions, easements or anything else attached to the property.
Title insurance is offered to mortgage lenders and property owners to protect against losses if there are defects in the title.
The premium for Lender’s is based on the amount of the loan.
The premium for Owners is based on the purchase price.
When purchasing the Owner’s policy the lender’s policy is included.
Title Insurers have to file with the state commissioner their premium rates and also make it available to the public.
In Connecticut title insurance agents are allowed to receive up to a 60% commission on the title insurance fee, usually your attorney is the title insurance agent. Nation wide on average this is a low fee for agents.
When refinancing a mortgage you only need to get a new title insurance policy for the new mortgage, your original Owner’s policy bought at the original closing remains in effect as long as the person or heir has an interest in the property. On a refinance the insurance company here in Connecticut usually offers a discounted rate on the new lender’s policy.
I did a little research with the following companies who have title insurance calculators on line and here are the rates I got if you were buying a $1,000,000 home with a $500,000 mortgage all basic policies.
CATIC mortgage policy $1530 combined mortgage and owner $3190
First American Title mortgage policy $1530 combined mortgage and owner $3190
Old Republic mortgage policy $1530 combined mortgage and owner $2990
Fidelity Title mortgage policy $1530 combined mortgage and owner $2990
If you were refinancing the $500,000 loan the average discount mortgage title insurance policy was priced at $918.
Another website that might help you find comparable rates in your area is http://www.closing.com/search/TitleInsurance . When I ran the above scenario I got over a dozen comparisons for combined mortgage and owner all priced at $2900 with local contact information.
FAQ ? link ~ http://www.cga.ct.gov/2008/rpt/2008-R-0395.htm
Attorney's website basic infor ~ http://www.bhhlegal.com/real_estate_faq.aspx#3
David Popoff is a Connecticut license real estate agent in lower Fairfield County. He has lived and worked in the area for over 30 years and now reside in Darien since 2004.
- Member of the Multiple Listing Service, MLS.
- Greater Fairfield County
- Member of the Connecticut Association of Realtors, CAR.
- Member of the National Association of Realtors, NAR.
- Green Affiliations.
- Realtor GREEN designation by the National Association of Realtors.
- David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).
- Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
- Contact David Popoff at William Pitt Sotheby’s for all your real estate needs in Darien, Greenwich, New Canaan, Rowayton and the rest of lower Fairfield County.