Sep 12, 2012

Tip 34-2012: Existing Surveys, Title Insurance & Refinancing

Previous tips have advised about the benefits of providing a 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 can provide their prior title insurance policy and survey (if required) to their new refinance lender and settlement attorney, these measures will save money on the closing costs for the refinance. All local title insurance companies provide reissue credits on their new title insurance binder for the refinance if the prior title binder is available.

Additionally, effective July 1, 2012, the Recording Costs for refinances have been reduced to $2.40 per thousand dollars.

This is a great time for all homeowners to refinance with these historic low interest rates, and saving additional money on closing costs is not bad either.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, VA (434-973-7474)

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