Title insurance is insurance that protects the title of a home against any defects or claims that occured on the property prior to the closing date. It is required by virtually all lenders in order to secure a loan as well.
Payment of the owner's title insurance policy is negotiable in the State Of Texas. The owner's policy is customarily paid by the seller in the state of Texas, but may be paid by either party. Part 6 of the TREC Promulgated Contract (One To Four Family Contract) indicates whether the buyer or seller will pay the owner's title policy.
The U.S. Department of Housing and Urban Development does not automatically pay the title policy on HUD homes. Furthermore, many lenders do not require an owner's title policy on a HUD home if the buyer is using FHA financing, but as a realtor I would strongly recommend getting one regardless of whether or not the lender requires it.
The rates listed below are for the owner's title insurance policy only. Lenders typically will also require a seperate policy covering their interest in the property as well. The cost for the lender's policy is significantly less than the cost of the owner's policy when purchased in conjunction with an owner's policy from the same title company. Contact Marie Quill with Republic Title at 214-341-7733 for a quote on the lender's policy rates.
John Jones, Realtor(R)
JR Premier Properties
18170 Dallas Parkway, Suite 303
Dallas, TX 75287
Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.
Dallas, TX neighborhoods and subdivisions of Lake Highlands, White Rock Lake, Lochwood, Eastwood, L Streets, M Streets, Hollywood Heights, Lakewood, Coronado and Gastonwood, Forest Hills, Preston Hollow.
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