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The first thing you need to know is that you (the buyer/borrower) can choose the title agent you want. Some realtors or lenders have business relationships with title companies and, therefore, benefit financially when you choose their title agency. But choosing their title agency may not work to your advantage.
Shop for service. Cost is generally not an issue because most states regulate title insurance rates and fees. There are, however, a number of service issues you should consider when you choose a title agency, including:
- Knowledge of the industry & local market - In New Jersey and many other states only licensed title producers can sell title insurance.
But proficiency goes beyond licensing alone.
Experience is the key factor when it comes to resolving unexpected title issues. That’s where Madison really shines. Our in-house
attorneys, paralegals and trained title officers
have a depth of knowledge and experience other agencies cannot match.
- Convenience—Madison will bring the closing to you. You name the time and the place, and we will be there.
- Turn-around time—Madison can be ready for closing on most residential transactions within 48 to 72 hours.
- Courtesy—You need to work with someone who is responsive and makes you feel comfortable. Prompt friendly service is the
hallmark of the Madison experience.
Most states, including New York and New Jersey, regulate title insurance premiums and most other
title-related costs. So your costs are the same regardless of the agency you choose. In New Jersey,
for example, the following title-related fees are regulated:
- Premium
- Endorsements
- Search and examination fees
- Recording fees and
- Transfer taxes
Settlement fees, which apply only if your title agency handles the closing for you (i.e., rather than your attorney),
are generally not regulated. But this varies by state.
Note: There are some states (approximately 16) in which title premiums
are not regulated. If you are buying property in one of these states,
cost becomes a larger consideration. To find out whether or not any given state regulates title insurance costs, go to the
Info by State page. Select the state you’re interested in and then
click on Customs and Practices.
Whether or not your state regulates title insurance costs, you should ask for a breakdown
of the costs before closing, so there are no surprises at the closing table.
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