Title Insurance is a onetime purchase when purchasing a home or refinancing a mortgage of a property. The title insurance 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 and is required by your mortgage lender.
Facts for Connecticut Title Insurance:-
- 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.
- 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. Continue reading
How many homes sold in your town last month? What was the average price? These and many more questions are answered on a town by town basis with the William Pitt Sotheby’s International Realty monthly Local Market Trends Report.
This monthly updated report is FREE at the WPSIR’s website and the information is provided by your local MLS (multiple listing service) that is paid for by dues from you town’s active real estate agents and brokers.
These reports are broken into the following towns; Bethel, Brookfield, Danbury, Darien, Easton, Fairfield, Greenwich, Monroe, New Canaan, New Fairfield, Newtown, Norwalk, Redding, Ridgefield, Rowayton, Shelton, Stamford, Stratford, Trumbull, Weston, Westport and Wilton.
Below is a preview of a few of the towns and the beginning of the Market Trends report, go to William Pitt Sotheby’s International Realty website to view the full statistic report. Continue reading
In today’s Real Estate Newsletter for lower Fairfield County I previewed four homes offered by William Pitt Sotheby’s International Realty. Two of the homes are in Darien along with one each in New Canaan and Rowayton.
Darien #1 ~ 3,259 sq. ft. expanded Colonial Saltbox on 2 acres with a four car garage just reduced $100K to $1,545,000.
Darien #2 ~ Beautiful landscaped with 500 feet of direct waterfront, this property is on Pear Tree Point Road along the Goodwives River. This house is 4,114 sq. ft. on 0.83 acres comes with teak dock, pool, boathouse and greenhouse is offered at $4,375,000.
New Canaan ~ 4 bedroom, 2 1/2 bath home on 2.92 acres in South New Canaan is close to train, town, parks and schools; price reduced to $1,120,000.
Rowayton ~ Spectacular water views, open floor plan, part of the Thomas Place community with 4 bedrooms, 4 1/2 baths, offered at $2,595,000.
Click here to view newsletter and more information of above properties.
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.Member of the Connecticut Association of Realtors, CAR.
- Greater Fairfield County
- Member of the National Association of Realtors, NAR.
This morning I recieved my weekly mortgage update from William Pitt Mortgage and the 30 year fixed conforming mortgage was at 3.625% and 15 year conforming at 2.875% . WOW!
William Pitt Mortgage is an affiliate of Wells Fargo Home Mortgage in Connecticut. The William Pitt Mortgage website is full of useful information’s along with tools and resources to help you determine the best mortgage to fit you needs. Go to William Pitt Mortgage to find your professional mortgage consultant.
Check out these other rate below. Continue reading