Home Buying in Baltimore>Question Details

Sasha_Tovbin, Home Buyer in Baltimore, MD

What is a normal range for title insurance in Baltimore county? Thanks. Sasha

Asked by Sasha_Tovbin, Baltimore, MD Wed Jan 23, 2013

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Robert Mcgee’s answer
I believe you are referring to all the closing costs rather than just the Title Insurance Policy. Excluding transfer taxes and recording fees which are non-negotiable and excluding the Title Insurance Policies. The fees for the services provided by the Title company normally run about $700-1000. This includes the title search, title examination, deed preparation. legal fee, etc. There are normally two Title Policies, an owners and a lenders policy. The lenders policy is manditory if you have a mortgage. The owners policy is optonal but a prudent person will get it. It is a very inexpensive way of protecting against Title issues, which are more common than most people imagine. The premiums on these policies are regulated by the Maryland Insurance commission. They do not vary very much from one Insurance underwriter to another as it is a competetive market. If you are buying an expensive home, say over $400K, and you plan on buying both policies, the Title Company might discount their services a bit because as an agent for the insurance Underwriter they also earn a commission on the Title Policies. I hope this answers your question.

Bob McGee
Advance Realty Timonium
(410) 560-4574
0 votes Thank Flag Link Thu Jan 24, 2013
It is hard to say an exact range as insurance is on a sliding scale based your loan amount and sales price. When buying a home the lender will require you to obtain title insurance or a lenders policy based on your loan amount . Although it is not required, you can also purchase a policy to protect yourself called an owners policy which is based on the sales price. If bought together you will receive what is know as a simultaneous issue. Most people do opt to purchase an owners policy as it is a one time fee, it is good for as long as you own the house, and means the title company will handle the hassle if a claim arises. Search "advantage title insurance" on youtube for a simple explanation of the two policies.

All underwriters in MD offer about the same rate so just make sure you are not being put into coverage you do no want. Some title company's will give you an Enhanced policy which covers more but is also more expense. Make sure you know what your buying and what it covers BEFORE you get to the settlement table.

Chris Breck
Advantage Title Company
(443) 695 2090
0 votes Thank Flag Link Thu Feb 21, 2013
Each title insurance underwriter must file their rates with the Maryland Insurance Commission. Each title company must be appointed by a title insurance underwriter who provides the insurance and oversees their business. These are statewide rates. Call different title companies and ask their rate per $1000 and underwriter. This is how you can compare the cost of the title insurance.
You may also want to compare the title company's other fees. Ask them to send you a preliminary HUD-1.
I hope this has helped.

Dottie Cordwell, Associate Broker
Keller Williams Realty Baltimore
410-241-3310 cell
410-342-4444 office
0 votes Thank Flag Link Thu Jan 24, 2013
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