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We get it—buying a home is an expensive process. In fact, it’s probably one of the most expensive things you’ll ever purchase. Standard closing fees alone can include the following:

• Close fee per side of transaction
• Title search fee
• Municipality lien search
• Courier/wire fees
• Lenders title insurance
• Lenders title endorsements
• Owners title insurance

But there’s good news! You could be eligible for a reduced premium and possible discount (known as a reissue rate) for title insurance on your transaction. Here are 3 factors that contribute to title insurance rates when closing on a home or a property:

1. Improved Property: Within 3 years of the purchase of a property, a homeowner can qualify for a discount so long as they already have an owner’s title insurance policy. This would cover you and your heirs.

2. Unimproved Land: Vacant property without any facilities can be eligible for a discount for an indefinite amount of time, so long as the owner already has an owner’s title insurance policy. Your policy is good for as long as you or your heirs own the land.

3. Refinancing: A discount is available if you refinance a property insured by an original owner’s policy which insured the title of the current mortgagor.

All savings are based on Florida’s promulgated rates issued by the Office of Insurance Regulation. All reissue rates are based on the owner’s policy, which is provided to your closing agent.

Just remember one important thing. You are not just paying for an insurance policy—you’re getting peace of mind, knowing your title company has you covered in the event of a challenge to your homeownership.

Want to know if you qualify for a discount (reissue rate)? Call Title Junction today at 239.415.6574.


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Understanding Tenant Rights

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