Hey there! Have you ever heard of title insurance? If you’re buying a house in Georgia, it’s likely you’ll need it. Title insurance is just like any other insurance, except it protects you from any issues that may arise with the legal ownership of your property. In this article, we’ll be talking about title insurance cost in Georgia and everything else you need to know before making a decision. So, let’s dive right into it!
Title Insurance Cost in Georgia: Everything You Need to Know
If you are purchasing a home in Georgia, you have probably already heard about title insurance. Title insurance is a type of insurance that protects the new homeowner and their lender from any defects that may arise from the property’s title. In Georgia, title insurance is a necessary expense that protects both the buyer and the lender. But how much does it cost?
In this article, we will cover everything you need to know about title insurance cost in Georgia, factors that affect prices, and where you can get the best deals.
What is Title Insurance?
Title insurance is a form of indemnity insurance that protects the buyer, and their lender, against any claims or legal disputes that may arise from defects in the title of a property. In Georgia, title insurance policies are usually purchased during the closing process and are paid for by the buyer.
There are two types of title insurance policies in Georgia: owner’s policy and lender’s policy. The owner’s policy covers the homeowner, while the lender’s policy covers the lender. The lender’s policy is usually required by the lender as a condition of the mortgage loan.
Title Insurance Cost in Georgia
The cost of title insurance in Georgia varies depending on several factors, such as the purchase price of the property, the title insurance company, and the location of the property. The cost of title insurance in Georgia is generally calculated based on the purchase price of the property.
According to data from ClosingCorp, the average cost of title insurance in Georgia is $1,179 for an owner’s policy and $711 for a lender’s policy. However, the actual cost of title insurance will vary depending on the value of the property and other factors.
Factors Affecting Title Insurance Prices
There are various factors that affect the cost of title insurance in Georgia. Here are a few:
Property Value: Title insurance is calculated as a percentage of the property’s value. Therefore, the higher the purchase price of the property, the higher the cost of title insurance.
Location: Title insurance costs vary depending on the location of the property. In Georgia, some counties may have higher title insurance rates compared to others.
Title Search: The title insurance company will perform a title search to ensure that there are no liens or legal claims against the property. If the title search reveals any issues, the cost of title insurance may increase.
Type of Policy: As mentioned earlier, there are two types of title insurance policies in Georgia: owner’s policy and lender’s policy. The cost of each policy will vary based on the coverage provided.
Discounts: Some title insurance companies in Georgia may offer discounts on title insurance policies for properties that have recently been sold or refinanced.
Where to Get Title Insurance in Georgia
There are many title insurance companies in Georgia that offer title insurance policies. It is important to shop around and compare costs among different companies to get the best deal.
Here are a few title insurance companies in Georgia:
1. Old Republic National Title Insurance Company: Old Republic is one of the largest title insurance companies in the United States. They offer title insurance policies for both residential and commercial properties.
2. Chicago Title Insurance Company: Chicago Title is another major title insurance company in the United States. They offer title insurance policies for both residential and commercial properties.
3. Stewart Title Guaranty Company: Stewart Title is a title insurance company that offers a wide range of services, including title insurance, escrow services, and closing services.
4. Fidelity National Title Group: Fidelity National Title Group is a leading provider of title insurance, escrow, and closing services in the United States.
Conclusion
Title insurance is an important expense that protects both the buyer and the lender in case of any title defects or legal disputes. In Georgia, the cost of title insurance varies depending on several factors such as the purchase price, location, and title insurance company. To get the best deal on title insurance, it is important to shop around and compare costs among different companies.
