Santa Clarita Home Purchase and Sale – Title Insurance Wizard

TIP OF THE DAY TO YAH!

A neat tool arrived last month in the form of CLTA Title Wizard! This new website, is provided by CLTA, the California Land Title Association, which is a non-profit corporation that represents member title companies throughout the state of California. The CLTA Title Wizard’s (which was designed by ClosingCorp, a La Jolla, Ca based information technology company) primary goal is to promote price competitiveness in the title insurance industry.

From this handy website, one can simply select which area they will be either selling, or buying a home, then choose whether or not they are the buyer, or seller, and wallah – a quote from a long list of insurance title companies is born! No need to register, no need to divulge email address, no need to worry about call backs from anyone. This is just a straight forward tool for you to utilize when buying or selling your next home, and make sure that you are getting the best deal possible, with respect to one of the major closing costs for both parties – Title Insurance.

While it is customary for the owner to pay for the Owner’s Title Insurance policy in a Santa Clarita home purchase, and in many other metro areas, it’s a RESPA violation for the buyer to be forced to use the seller’s preferred company. With that said, it has been documented that there wouldn’t be any enforcement of this law (The Real Estate Settlement Procedures Act (RESPA), 12 USC § 2608), assuming the owner (as is customary) is the one paying for the Owners Insurance Title Policy. If you are a buyer, with a loan, as most are, you’ll have what’s called the Lenders Title Insurance Policy, as a standard closing cost. From the CLTA Title Wizard, you can figure out what that policy should cost you, by retrieving a quote from the various companies part of CLTA, with services in your area of California. It’s fairly standard, for the company issuing the Owners Title Insurance Policy to also issue the Lenders Title Insurance Policy. The CLTA Title Wizard bases it’s quotes off of that scenario. Like the Owners Title Insurance Policy, the seller can’t force the buyer to use the same provider for the Lenders Title Insurance Policy that the buyer customarily pays for as a portion of their closing costs. But be on notice, the premium will likely be higher if the Title Insurance company in the transaction issuing Lenders Title Insurance, is not also the company issuing the Owners Title Insurance Policy – which the seller customarily pays for in his/her closing costs.

About: Owners Title Insurance Policy

About: Lenders Title Insurance Policy

Here are two scenarios pulled from CLTA Title Wizard for a Santa Clarita home purchase & sale, in the Valencia 91355 zip code:

Owners Title Insurance Policy:

$500,000 sale price (owner hasn’t purchased or refinanced home in last 5 years, residential, single family home):
- United General Title – $1811.70
- LandAmerica Southland Title – $1853.00
- Provident Title Co – $1307.00
- Orange Coast Title Co of LA – $1386.00
- Placer Title Co – $1954.00
- Equity Title Co – $1853.00
- Ticor Title Co of CA – $1826.00
- Chicago Title Co – $1826.00
- Stewart Title Guaranty Co – $1898.60
- LandSafe Title of CA – $1898.60
- LandAmerica Commonwealth – $1853.00
- LandAmerica Lawyers Title – $1853.00
- Security Union – $1729.20
- North American Title – $1744.00
- Western Resources Title – $1386.00
- Fidelity National Title – $1826.00
- American Coast Title – $1898.60
- California Title Co – $1386.00
- First American Title Co – $1386.00
- LandAmerica United Title – $1695.00
- LandAmerica gateway Title – $1853.00
- Orange Coast Title Co – $1386.00
- Old Republic – $1307.00
- Stewart Title of CA, Inc. – $1898.60
Lenders Title Insurance Policy:
- $500,000 purchase price (residential, single family home, no money down):
  - Equity Title Co - $674.00
  - United General Title – $626.45
  - Chicago Title Co – $635.00
  - LandAmerica Gateway Title – $674.00
  - North American Title Ins Co – $655.00
  - Placer Title Co – $679.58
  - Stewart Title of CA – $679.58
  - Ticor Title Co – $635.00
  - California Title Co – $592.00
  - LandAmerica Lawyers Title – $674.00
  - LandAmerica Southland Title – $674.00
  - Orange Coast Title Co of LA – $592.00
  - Security Union – $596.60
  - American Coast Title – $679.58
  - First American Title Co – $592.00
  - Western Resources Title – $592.00
  - LandSafe Title of CA – $679.58
  - LandAmerica Commonwealth – $674.00
  - Stewart Title Guaranty Co – $679.58
  - Old Republic – $640.00
  - Fidelity National Title – $635.00
  - Provident Title Co – $640.00
  - LandAmerica United Title – $609.00
  - Orange Coast Title Co- $592.00
  - Commerce Title – $610.00
A few thoughts! First, LandAmerica needs to consolidate! Second, don’t ever let your agent tell you all Title Insurance companies charge the same. It’s evident that they don’t. And with money being tight these days, if it’s at all possible, try and save some money on your closing costs by going with better priced closing vendors, however, make sure you are working with a reputable company too.

The winner(s) above: Seems to be either First American, and or, Orange Coast Title Co. Both charged lower fees compared to most others with respect to both types of Title Insurance coverages. Both companies also have a good reputation in the Santa Clarita Valley, so far as I know from my first-hand experiences.

Let the CLTA Title Wizard empower you that much more, in your next Santa Clarita real estate transaction.