Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: Texas Title Insurance Increases 3.8% May 1- First Increase in 20 Years

Texas Title Insurance Increases 3.8% May 1- First Increase in 20 Years

In the state of Texas, when you buy or refinance a home, the title insurance is regulated by the state. In other states, you can shop around to different title companies to see who will give the better rate. Not in Texas. We make it easy for buyers and sellers. The thing we look for is Customer Service since the title policies are all the same price.

With that, the rates in Texas have been the same for nearly 20 years. No increases until now. Effective on May 1, 2013, Texas Title Insurance Policies will see a 3.8% increase. That's not that bad considering the cost of inflation over the years.

Here are a few examples of what that means:

Sales price of $100,000 - today's policy is $843. The increase will be $875.
Sales price of $150,000 - today's policy is $1110. The increase will be $1152.
Sales price of $200,000 - today's policy is $1377. The increase will be $1429.
Sales price of $500,000 - today's policy is $2979. The increase will be $3091.
Sales price of $1,000,000 - today's policy is $5649. The increase will be $5861.

As you can see, we're not talking hundreds or thousands of dollars for this change. Also, remember that the increase is a one-time fee, not a monthly fee. If you bought a $500,000 house and paid the additional $112 for your policy, over a 30 year mortgage, you're paying a mere $0.31 a month, or a penny a day.

Basically, we're talking pennies, but the increase was necessary because it might just be pennies on one transaction, but over the tens of thousands of real estate transactions across the state in a year in Texas, those pennies will add up substantially.

If you have a sales price in between these numbers, here's a calculation you can do in multiple steps:

Texas Title Policy rates as of May 1 2013

I'm just one Texas Realtor trying to keep people updated about what's going on in the market...

**Are You Packed Yet?**

donna harris Realtor Austin TX blog

Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com
Donna@DonnaHomes.com
austin-texas-homes-for-sale.com

Austin TX Real Estate

and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way. 

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Copyright© 2013 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Texas Title Insurance Increases 3.8% May 1- First Increase in 20 Years
* was first published on donnahomesblog.com.

Comment balloon 5 commentsDonna Harris • April 03 2013 08:57AM

Comments

Donna

Thanks for sharing the information on the cost increase of title insurance in Texas.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) about 6 years ago

Donna:

Good job of explaining the issue. Hope you have a wonderful week. 

Posted by Alan Kirkpatrick, Alan in Austin (Austin Texas Homes) about 6 years ago

Luo, You're welcome.

Alan, Thanks!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) about 6 years ago

Hi Donna,

Great post on explaining the increase for the title policy!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) about 6 years ago

Thanks Dorie!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) about 6 years ago

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