This is going to be focused on areas that affect your bottom line with a thing called a closing statement. Sometimes you go to a closing and all of a sudden you’re surprised by some of the costs that are on there. Well, it’s because you didn’t manage those costs. My suggestion for you on this tip is to ask if you can get a reissue fee on the title insurance. This is when your closing agent writes for the same firm that issued the prior title insurance. In other words, that seller, when they purchased the property, likely also purchased a what’s called an owner’s title policy.
That owner’s title policy has value. If you can update that, let’s say that the seller bought the property five years ago, then the title company would only need to pick up where the other policy left off. You see a title insurance policy essentially is the day of purchase, but not going forward in terms of anything that might have happened to the title after you purchased the property. So when you purchase the property now, let’s say it’s five years after your seller bought the property, well, they can go back just five years and look to see if anything has been attached or any liens have attached to that property since the last time they checked the title. That can bring savings to you and to your bottom line.