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By David deForrest
General Manager
My attorney tells me that Title Insurance prices are regulated by the State and that he/she can't discount them. Is this true?
Not anymore! The State Supreme Court has struck down, in a 5-1 decision, the legality of the "Promulgated Rate" for title insurance. Since, under that illegal price-fixing rule the attorney or title company issuing title insurance received a profit of 70% on policies under $1,000,000 sooner or later prices ought to come down.
Alas, so far this has not happened in our marketplace. It is still common to see attorneys and title companies charging buyers prices greater than "Promulgated Rate" for title insurance. At the very least, you should expect to pay the "Promulgated Rate" and no more. If you link here you can download or review the current pricing for title insurance. Keep in mind that lenders usually require additional "endorsements" that add to the cost.
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