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What Is a Title Fee?

Written By video massa on Sabtu, 30 November 2013 | 12.40

When you get a new mortgage, you will inevitably have to pay some closing costs to the lender. You can examine the closing costs by looking at the good faith estimate that is provided by the lender. One of the closing costs that you will most likely see on the estimate is the title fee. The lender charges this fee in order to pay the title company for research and insurance related to the title to the property.

Title Search

    One of the areas that applies to the title fee is the title search. When you get a new mortgage, you will have to pay for a title search, so that the mortgage company can be satisfied that the title to the property can be conveyed to you. The title company will look back through the property abstract to make sure that ownership of the property has been conveyed properly over the years. This research is necessary so that you can take possession of the property without any encumbrances.

Title Insurance

    Another area that will be covered by the title fee is title insurance. Title insurance is a type of insurance policy that is offered by the title company which protects the insured from any litigation that may arise from issues surrounding the title of the property. For example, if one of the previous owners of the property files a lawsuit stating that he never sold the property in the first place, the title company will pay for the costs associated with this process.

Types of Title Insurance

    The title company can offer two different types of title insurance. One type of title insurance is required in the closing costs as it covers the lender. This kind of title insurance makes sure that the lender is reimbursed if a title issue arises in the future. You may also have the option to buy a title insurance policy that will protect your own interests. This way, you can also be reimbursed for the cost of litigation or lost property in the future.

Considerations

    When you get a mortgage, you may be tempted to try to cut down on some of the closing costs. However, the title fee is not one that you should try to eliminate. The lender will at least require its title insurance and the title search. You should also consider paying for a title insurance policy for your property so that you can avoid any problems in the future.



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