By George Warren, Reporter
October 9, 2007
People buying or selling a home may pay little attention to the cost of title insurance. A new searchable Web site shows why they should.
The Title Wizard, launched Tuesday by the California Land Title Association, allows consumers to search for the best rate for a homeowners title policy.
Depending on the price of the home, rates offered by various CLTA member companies can vary by hundreds of dollars. The policy is paid for by the buyer, seller, or both, depending on the county where the transaction occurs.
The Title Wizard is the first site of its kind in the country, according to California Insurance Commissioner Steve Poizner who urged its creation.
"This industry has got to be more competitive," Poizner told News10.
The president of CLTA said the trade group will be launching an educational campaign aimed at real estate agents. The goal, said Margaret Serrano Foster, is to encourage home buyers and sellers to shop title insurance rates before they enter in a sales contract.
"We believe the Web site shows there is competition in our industry," Foster said.Created: 10/9/2007 2:45:18 PM
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