This is a fairly big story in the real estate world. Basically, a law suit has been filed against all but one title insurance company in Washington state. The claim states that title insurance companies have in some fashion, agreed not to compete based on rates given to consumers.
A note the article doesn't mention is the value given to the consumer. An insurance policy for a $300,000 property is approximately $864 for the life of the loan. One year’s insurance on a $30,000 car is approximately $1,000-$1,200 depending upon the insurance carrier. It’s evident that title insurance is a great value to the homeowner.
At any rate, this story could affect the buying and selling of real estate...so stay tuned!
Read the full article here.
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