When a property is being bought or sold, a record of the transaction is filed and archived. The ownership of a property, liens, and other events are archived as well. Title insurance works to make sure that in the event that there are any issues with the title of a property, that the title company will be responsible rather than the owner. Title insurance is important because for most people a real estate transaction is the biggest purchase they’ll ever make. So, one should make sure that their new property has a clean title and if it were to be uncovered they will not have to worry about the fees.
Cost of Title Insurance?
Title insurance typically averages between 0.50% and 1% of the home’s appraised value. Thankfully, title insurance is a one-time premium rather than a monthly or yearly cost. It also depends on the state, though, as in some states title insurance may be regulated, varying the price. Typically, the premium is paid during the “closing” portion of the real estate transaction. The cost of title insurance may be a concern for prospective homeowners, but it is worth paying for many reasons. Most lenders will not give out mortgages without title insurance. If you go without and issues arise, then you will be responsible for fixing the issues which can be expensive.
Title Company with Embassy Title Agency
If you are looking for title insurance in Novi, MI, then Embassy Title Agency is the title company for you. Embassy will be able to help you with any of your title-related needs. Our team at Embassy Title Agency is made up of over 100 years of seasoned experience. They go above and beyond to service all of our clients with much effort and perseverance. Their goal has always been putting the client first and giving them the utmost attention. You can contact us online or by phone at (734) 293-2000.