Title Insurance in Fairfield County, Connecticut.

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.

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.

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Information source:-

1. Link to FAQ?  ~

http://www.cga.ct.gov/2008/rpt/2008-R-0395.htm

2. Useful information from a Ct. attorney ~

http://www.bhhlegal.com/real_estate_faq.aspx#3

3.  General Statutes of Connecticut ~ Title Insurance. 

4.  American Land Title Association, ALTA

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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.     
    • Darien
    •  Greenwich
    •  Greater Fairfield County
  • 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.

 

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Filed under Ct Real Estate Market, Darien, New Canaan, Rowayton, Ct., Real Estate Posts

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