Previous Tucker’s Tips have advised about the benefits of providing the new Purchaser with copies of the Seller’s prior physical surveys and title insurance policies. Not only is this helpful for both purchasers and sellers, but it is also extremely important in the current refinance market.
If the homeowners will provide their prior title insurance policy and survey (if required) to their new refinance lender and settlement attorney, this will save money on the closing costs for the refinance. All local title insurance companies provide reissue credits on the new title insurance binder for the refinance if the prior title binder is available.
This is a great time for all homeowners to refinance with these historic low interest rates, and to save additional money on closing cost is not bad either.
Please contact me (Charlottesville Attorney) if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.