Most of today’s real estate closings on purchases of homes and real property are “split closings” where the Buyer chooses his/her own title company which is different from the Seller’s title company.
What most buyers and many real estate agents don’t know, is that the buyer can get a substantial discount on their lender’s policy of title insurance if they close at the Seller’s title company.
If your buyer were offered a check for 33% of the cost of the Lender’s title policy, I believe that he would choose to close at the Seller’s title company. Our underwriter at Mountainland is Fidelity National Title Insurance Company, which offers a full 33% discount of the policy premium to the buyer who closes their loan at the Seller’s title company. Any title company underwritten by Fidelity National should give this same discount.
While real estate agents may enjoy the relationships they have with their own title company and may not prefer closing at the Seller’s title company, it is still advantageous for the buyer to choose the title company where they will get this substantial discount.