Join Club

Boring Title: Title Tips for First-Time Home Buyers


Title insurance is boring, but Allied Title & Escrow is here to decode the jargon and make it (somewhat) more interesting. This biweekly column will explore the mundane (but very necessary!) world of title insurance while sharing interesting stories of two friends’ entrepreneurial careers. 

Enough Entrepreneurial stories… how about we try to educate the audience about title insurance. This week we will provide title tips for first-time home buyers.

Title Tip 1: Get an owner’s policy in addition to the lender’s policy.

Did you know that 1 in 3 title searches have either a title or public record defect? Getting the owner’s policy will make sure that you are covered in a circumstance where defects were not found in the initial search, but then pop up later down the road.

Title insurance is ONLY a one time cost at closing unlike health and car insurance which you pay monthly forever! That one time cost will protect you for as long as you own the home AND as long as your heirs own the home. Yes, a one-time cost!

Title Tip 2: The second tip is something that many people who are purchasing a home in the DMV go without knowing: Title insurance premiums are regulated.

This means that the title insurance premium will basically be the same no matter what title company you use. Title premiums are set by underwriters and underwriters prices are within a few dollars for each policy.

Where there is an opportunity for a buyer to negotiate is with the fixed fees that title insurance companies charge. Those fixed fees include a variety of services, which may include the title search (aka the abstract), title commitment, processing fees, settlement fee, courier fees, etc.

If you are one to negotiate you’ll have an opportunity to do so with a title company’s fixed fees which are usually $800-$1000 per side (buyer/seller).

Title Tip 3: The buyer (not the seller) gets to select which title company they use.

Seller’s may offer incentives to the buyer if they use a preferred title company which many times can be a good offer. However, service in the title industry matters so make sure you to do your homework on the title company. Check their Google and Facebook reviews!

Have questions related to title insurance? Email Latane and Matt at [email protected]. Want to use Allied Title & Escrow when you buy a home? Tell your agent when you buy a house to write in Allied Title & Escrow as your settlement company!

Recent Stories

Alexandria might not be getting a pro sports arena, but Arlington and Alexandria might be getting another “premier indoor active entertainment destination.” Specifically: Sky Zone, a kid-friendly trampoline park with…

A new Arlington food hall opened this week with the hope of breathing more life into Rosslyn. Featuring fresh technology, murals by local artists and a full plate of nine…

With the Alexandria NHL and NBA arena deal now dead, and MLB opening day today, it’s a good time to reflect on the fact that Arlington could have been the home…

Morning Notes

Alexandria Arena Nixed — “The City of Alexandria just announced that the city is ending negotiations related to the Potomac Yard Entertainment District and ‘the proposal will not move forward.’”…

Award-winning drag queen Tara Hoot is bringing her Family Fun Story Time Brunch to Arlington at Freddie’s Beach Bar! Saturday April 6 at noon! Join Tara for songs, stories, puppets, bubbles and joy! It’s not just stories, it’s a SHOW that’s perfect for kids and kids at heart–fun for everyone! Plus a tasty brunch at Freddie’s! Click the link and make your reservations now! ❤️ 🫧 🌈

Submit your own Announcement here.

The Summer 2024 STEAM (Science/Technology/Engineering/Arts/Math) Fellowship application is now open! Apply by April 15 to be considered!

The STEAM Workforce Development Teacher Fellowship provides Arlington Public Schools (APS) high school, middle school, and elementary school teachers with opportunities to learn about workplace needs in STEAM-related fields and for them to use the experience to enhance student learning to match workplace expectations in a selected industry. STEAM Fellows participate in a three-week summer fellowship, receiving a $4,000 stipend upon completion.

Applicants planning to pursue a fellowship in the arts must demonstrate how they will build connections between the arts and science, technology, engineering, or mathematics.

Click the button to learn more, share, apply, and see the variety of fellowships completed in previous years.

Read More

Submit your own Announcement here.

ACFCU’s Homebuying 101: Steps to Getting Pre-Approved

Are you ready to jump into homeownership, or have you started considering it but don’t know where to start?

Financial preparation is key when thinking about purchasing your first home and the first step to getting pre-approved. Join ACFCU for

Free Right-Sizing Workshop – How to Get Rid of Your…

Cody Chance and Dick Nathan of Long & Foster are hosting a free workshop at our office on Cherry Hill Rd. (formerly Lee Highway) on the topic of “down-sizing” Thursday, March 28 from 5:30-7:30. We have created a workbook with

×

Subscribe to our mailing list