A reminder for homebuyers: Shop title companies

Recently, I stumbled upon a posting by a Washington DC-based real estate agent proclaiming that homebuyers need not shop for title insurance since title insurance rates are uniform.

While it’s mostly true that title insurance rates in DC, Maryland, and Virginia are the same, the settlement fees charged by title companies are not.

In fact, a recent study comparing the settlement fees charged by title companies in vary by as much as $1,180; disproving the notion that homebuyers shouldn’t bother shopping for title services.

With a simple Google search using “closing costs “ or “title insurance” in DC, Maryland, or Virginia, a homebuyer will find several title companies willing to provide an online guaranteed quote for title services.

Most of these title companies (a.k.a, settlement service providers) promoting transparency by offering an online guaranteed closing costs quote are independent title companies; meaning that they are not owned by or affiliated with a real estate brokerage.

In other words, the independent title company is often willing and able to offer better pricing to the homebuyer since they don’t share their revenue with a referral source.

My best advice to a prospective homebuyer: Shop for a title company just like you shop for your mortgage – It’s your right to choose a title company.

Related Articles

Leave a comment

You are commenting as guest.
  • Ways to save at closing

    Title charges are the largest chunk of closing costs and can vary by hundreds of dollars.

    Learn more

  • What are closing costs?

    The real estate closing process involves loan steps, legal steps and title steps.

    Learn more

  • What's title insurance?

    Insure your legal ownership just like you'd insure the building, but for lots cheaper.

    Learn more

Connect with us

Our blog contains general information only, not intended to be relied upon as, nor a substitute for, specific professional advice. Rate tables and figures that appear on our blog are deemed reliable but not guaranteed. For current rates & policies, refer to our Quick Quote and Consumer Guide. We accept no responsibility for loss occasioned to any purpose acting on or refraining from action as a result of any material on our blog.