Helping Home Buyers Shop For Title Insurance
The US Government Accountability Office has issued a report recommending changes to the way title insurance is sold.
These include informing consumers of their options because of two things:
- The complicated relationships between title companies and real estate companies
- Title costs are often overlooked by home buyers
The report says that consumers find it difficult to comparison shop for title insurance because it is an unfamiliar and that consumers deem the relatively small savings to be not be worth the hassle of shopping.
Title insurance is typically purchased at a real estate closing, and is one of many small line items found on a large stack of documents. Most buyers have done little research on the topic in advance and then just go along.
Buyers of real estate should understand titles, title insurance and how it can affect them. Asking your real estate agent is a terrific place to start.
