We all want to save money, and knowing where to find that extra savings in a real estate transaction takes working with someone that understands all aspects of the process. As a Realtor® who wants the best for my customers, saving them money doesn’t end after negotiations are complete, but continues all the way to the closing table.
You may not know this, but you can qualify for a title insurance re-issue credit if your current title policy was issued less than three years ago.
So what does that really mean?
Let’s think of it like this. Say you purchased a home in 2013 for $200,000 and received an owner’s title insurance policy for that amount. You decide to sell the property in 2015 for $245,000. In our area, it is customary for the seller to purchase a new owner’s title insurance policy for the buyer at closing. As the table indicates below, by selling your home within three years and being able to provide a copy of your title insurance policy you could save an additional $300 – this savings is what is referred to as a re-issue credit.
| Without Credit | With Credit | |
| House Price | $245,000 | $245,000 |
| Cost of Title Insurance | $800 | $500 |
| Savings | 0 | $300 |
No matter how big or small your real estate transaction may be, this is real money in your pocket and the kind of value having an experienced and knowledgeable REALTOR® by your side provides.