Title insurance plays an integral part in supporting private property ownership in our country. RVA Real Estate Settlements, is Virginia-licensed title agency and an agent for Old Republic National Title Insurance Company. We sell title insurance policies to our customers and their lenders.
In addition to providing title insurance to our customers and their lenders in connection with our providing settlement services in residential property and lot purchases, we provide title search and title insurance to buyers and lenders in connection with commercial property acquisitions. That service is provided primarily to and through lawyers who are representing their client, either an individual or business, in the client’s acquisition of commercial property.
Frequently Asked Questions about Title Insurance
What is title insurance?
We found the best definition on Wikipedia:
Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.
Do I need title insurance?
For all purchase transactions, we recommend that you always purchase an owner's title insurance policy. The premium is a one-time cost, paid at closing, that will protect your investment. Coverage remains in place, even after you sell your property. If you are purchasing your principal residence, we recommend that your purchase an Old Republic "Homeowners' Policy" versus what is called a basic policy. The significant differences between these policies are noted in another FAQ on this page.
If you are borrowing money that will be secured by the real estate you are purchasing your lender will require that you purchase a lender's policy. Other than a lender's policy in that situation, you are not legally required to purchase title insurance. A lender's policy, however, does not provide you, the owner of the real estate, with any title coverage.
The American Land Title Association has additional information at their website, Home Closing 101.
How much does title insurance cost?
RVA Real Estate Settlements LLC is an agent of Old Republic National Title Insurance Company ("ORT"). ORT publishes a rate table that RVA RES uses to calculate the insurance premium. Note that the calculator available on this website provides you insurance premium at these company-published rates. Virginia law permits title agencies and companies to issue insurance at lower that published rates. For properties where the purchase price is $500,000 or greater, please call us to discuss premiums.
The premium amount, for both owners' and lender's coverage is based on the purchase price (for owners' coverage) and on the loan amount (for lender's coverage).
Two types of owners' insurance are available: Homeowners' Policy or Basic Owners' Policy. We strongly recommend the Homeowners' Policy - it is available only for owner-occupied, residential properties. The premium differential for Homeowners' Policy is 20% greater than the Basic or Standard Policy.
Lower rates, called re-issue rates, are available for both types of owners' policies when a prior owner's policy (less than ten years old) is in place for the property that is being insured. Ask the seller to provide you a copy of their title insurance policy.
Call us at (804) 256-3173 for more information. Click on the green icon on this website for a personalized, detailed closing cost quote.
What are some differences between Old Republic’s Homeowner’s Policy and Basic Owner’s Policy?
There are significant differences between a Basic and the Enhanced of Homeowner's Title Insurance Policy. The Homeowner's policy, as its name suggests, is only available to an individual owner living at a property as his or her principal residence.
The Basic policy lists nine types of losses that are covered. The Enhanced policy lists thirty-two types of covered losses. Another difference is six of the covered losses in the Enhanced policy are also covered if they arise after you take title to the property.
RVA Real Estate Settlements recommends homebuyers of their principal residence purchase the Enhanced policy. The premium is 20% greater than the Basic, but the coverage is much more. And, remember, a title insurance premium is a one-time premium that insures you even after you sell your property.
Can I get a quick estimate of the title insurance premium in a transaction?
Yes. The below link will take to a website maintained by our principal insurer, Old Republic National Title Insurance Company. You need to know the purchase price (or value of the real property) to calculate the cost for owners' title insurance coverage.
A more personalized and complete quote for our service, including title insurance premiums and other costs is available by clicking on the green icon on most of the pages of this website.