Calculating Title Insurance Savings Should Never Be a Riddle

As a Florida real estate attorney, I understand the importance of a smooth and cost-effective closing process for my clients. One way we achieve this at Battaglia Law, PLLC is by proactively applying reissue credit on title insurance premiums, whenever possible.

What is a Reissue Credit?

A reissue credit is a discount offered on a new title insurance policy if a valid title insurance policy already exists on the same property. There are some restrictions which will vary based on how old the existing policy is, and what type of transaction is being insured now. This means if you’re refinancing your mortgage or buying a property that recently had an owner’s title policy issued, you might be eligible for significant savings on your title insurance.

Why is this Important?

Title insurance protects you from unforeseen ownership claims on your property. In order for a title insurance policy to be issued, a title search must be performed. When refinancing, you already have existing title insurance. When buying, a recent policy indicates a thorough title search was recently performed. In both cases, the title insurance underwriter can leverage the prior research, reducing the workload and justifying a discount for the new policy.

If You Don’t Know, Now You Know

The process of applying for a reissue credit can be a frustrating catch-22. Some closing offices require buyers or refinancing parties to specifically request the credit in order for it to be applied. But here’s the rub: if you’re unfamiliar with title insurance and its intricacies, how would you even know to ask?

Unfortunately, some closing offices might be incentivized to keep the process opaque, as reissue credits do represent a reduction in their fees. This is where having an experienced real estate attorney on your side becomes crucial. We understand the intricacies of title insurance and will proactively seek out all available discounts, including reissue credits, ensuring you get the most cost-effective closing possible.

Our Commitment to Excellence

At Battaglia Law, PLLC, we don’t wait for you to ask about reissue credits. We view it as part of our duty, as stewards of the industry, to identify and apply for all applicable discounts on your behalf. This means that on every transaction, we ask for (from the seller or owner, as applicable) a copy of the existing title insurance policy. If one is produced, we analyze for reissue credit eligibility and, if eligible, we apply the reissue credit.

We take these steps automatically as part of our process, without anyone having to ask us to do it. This proactive approach ensures transparency and maximizes your savings throughout the closing process.

Florida Real Estate Expertise

Lakewood Ranch real estate law firm Battaglia Law, PLLC is the home of Florida Bar Board Certified real estate lawyer, Joseph Battaglia. Our firm is committed to staying up-to-date on the latest developments because knowledge is a powerful tool in ensuring a smooth and efficient closing for you.

Contact Us Today

Whether you’re buying, selling, or refinancing property in Florida, Battaglia Law, PLLC wants to be your first choice to guide you through the process. Contact us today to discuss your real estate needs and experience the difference our commitment to client satisfaction can make.

Disclaimer: This blog post is for informational purposes only and should not be considered legal advice. Please consult with a qualified attorney for personalized legal guidance.

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