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Reissue Rates... Explained
In the world of real estate closings and title insurance lurks an oft misunderstood concept we call the “Reissue Rate.” Simply put, a reissue rate is a homebuyer discount on the cost of an owner's title insurance policy. To obtain a reissue rate discount, the transaction must satisfy certain conditions from the title insurance underwriter. The following sets forth the requirements along with the most common questions we encounter from homebuyers. (Our title insurance underwriter is First American Title Insurance Company, so for this discussion we will focus on their reissue rate discount guidelines. The reissue rate guidelines of other national title insurance underwriters may vary.) How Do I Qualify for a Reissue Rate Discount?A reissue rate is available to a homebuyer when:1) The seller has owned the property for less than ten (10) years; and2) The seller purchased an owner’s title insurance policy within that ten (10) year periodDoes Federal Title seek out a reissue rate discount on behalf of the homebuyer?Yes. If the seller has owned the property for less than ten (10) years, Federal Title will search its underwriter’s database for a prior policy and/or request evidence of a prior policy from the seller
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