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What's a title search cost - what if I can find the prior search from 2 years ago?

patrick p - 2008-04-25 11:28:27 - Renting Real Estate

I'm doing a refinance, I obviously need to pay a title company to do a search and provide title insurance, or whatever it is they do. Just curious what this costs, and considering I bought the house two years ago, what it should cost if I can find my prior Title. Also, what the heck should this piece of paper look like? The mtg. company said it was included with my appraisal, but that doesn't make sense - could it be that they just keep it on file with my appraisal??? In response to my first two answers: The new lender does use a national title company, but they encourage me to check w/one or two local ones for a better rate. The second person I spoke to at the mortgage co. said "no, they're separate docs" and it made more sense. And from what I understand, we can "UPDATE" an old title search - old one covered everything UP TO two years ago, so they only need to search the last two years, which is a lot less work than a full search.

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Answers:

Normally, the lender requests the title search.

You Mtg company is not too smart. The title search has nothing to do with an appraisal. The title search and title insurance is issued by the title company, they research the title on your home to make sure there is no liens or judgments on you prop other than the existing Mtg that the new lender is going to pay off. You can not use a prior title search, the new lender will want a current one as of the date of closing.

You can get an updated title search, they'll probably still charge you quite a bit, but less than the original search (usually get a discount for a repeat customer). You can't refinance without getting an updated title search. The title is about 3-5 pages long in most states, some states it can go up to 50 pages (New Jersey has unbelievably long titles). It should have Schedule A, B, C and the legal description. It will have your name as the owner, taxes and mortgages currently on the house, title transfers in the past, any easements to utility companies, that sort of thing. Pretty much anything recorded on your property. The appraisal is unassociated with the title.

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