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Showing posts from May 10, 2009

Wayne County proposes title insurance firm to offer competition

Wayne County Register of Deeds Bernard Youngblood said Tuesday that homebuyers need a break from what he called overpriced title insurance -- and he thinks he's found a way to give it to them. Appearing before the Wayne County Commission's Government Operations Committee Tuesday, Youngblood proposed that the county create its own government-run title insurance firm to compete with private title insurers to drive down insurance rates.Homebuyers and mortgage borrowers buy title insurance during a real estate closing to ensure that the property in question has a clean title, free of liens and other claims.Youngblood said that on a home selling for $146,000 in Wayne County, title insurance fees, which include a closing fee and title policies for both the new owner and the mortgage lender, could run $1,400.The government-run firm would charge $600 for the same coverage, he said.
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