Title insurance premiums
Title insurance covers either the buyer, lender, or both from claims against a property. Usually, in most but not all states, a few phone calls made prior to closing can save $200 or more in title insurance premiums.
All lenders require the borrower to provide them with title insurance covering the amount borrowed. For a minimal amount, $30 and up, you can get title insurance for yourself, to cover your entire home.
The insurance itself cost from $750 to $1,900 for a $250,000 home. Prices vary between different states. The cost of a title search, looking for any previous or potential future claims against a property, costs a few hundred dollars.
Many people in the real estate businesses collect a large percentage of the title insurance fee as a commission for their referral.
