Home Buying in Framingham>Question Details

M, Home Buyer in Massachusetts

How much can I expect to pay for Owners Title Insurance? My husband and I are preparing to buy a home in the

Asked by M, Massachusetts Thu Aug 7, 2008

Framingham area, and we were quoted a price by our lawyer that seems high. What is the average? Are there questions that I should be asking in regards to the policy? We are first time home buyers and want to make sure we get as much info as possible.

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Answers

5
Welcome to Framingham!

What a great choice, here are some guidlines for you :


When you purchase over One Million - it needs to be quoted seperately.

Lender's policy charge $2.50 per $1,000 of the loan amount. this is required, however
Homeowners (includes Lender's Coverage) $4.00 per $1,000 + $175 for doing both policies. This would be based on the purchase price.


Regards,
David Ferrini
Prudential Town & Country R.E.
1 vote Thank Flag Link Thu Aug 7, 2008
In MA it is fairly straightforward.

If the purchase price is over 1 million it needs to be quoted seperately.

Lender's policy is $2.50/$1,000 of the loan amount. *Required
Homeowner's (includes Lender's Coverage) $4.00/$1,000 + $175 for issueing both policies. Based on the purchase price *optional

I hope this helps.
1 vote Thank Flag Link Thu Aug 7, 2008
Thanks for the help. I think when I was quoted the rate I didn't realize the price added the Lender and Owner policies together. I appreciate the quick responses.
0 votes Thank Flag Link Thu Aug 7, 2008
Hi M...

I believe owners title insurance polices are a percentage of your loan amount, so you will find it will vary from case to case. It is a standard calculation, used in MA. To be sure, you should ask your closing attorney what the % is.
0 votes Thank Flag Link Thu Aug 7, 2008
Sorry. To be more specific....we are buying in Framingham, MA.
0 votes Thank Flag Link Thu Aug 7, 2008
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