About Title Insurance in Virginia
Products and Services
What title insurance products do consumers usually purchase in VA?
For most transactions, most consumers purchase the following:
Title Insurance Policies
- ALTA Owner’s Policy (insurance for the buyer/owner of the property)
- ALTA Loan Policy (insurance for the lender when financing is involved i.e. a refinance or financed home purchase)
- Title Search
- Title Examination
- Title Commitment
- Settlement/Closing Services
- Closing Protection Letter
- Courier Service
Title Insurance Providers
Who selects the title insurance company?
For purchase transactions in Virginia, it is customary for the buyer to choose the title provider. The buyer’s realtor may suggest a title provider, but it is ultimately the buyer’s right to choose. It is worth noting that most elements of a real estate transaction are negotiable, so who chooses the title provider and pays for title insurance and related services can be negotiated.
For refinance transactions in Virginia, the borrower selects the title provider. The lender may suggest a title provider, but it is the borrower’s right to choose.
Who offers title insurance?
Title insurance is primarily offered by licensed title insurance companies directly, or through licensed title insurance agents that work in conjunction with one or more title insurance companies.
Does pricing vary from one title insurer to another?
Yes. In Virginia, title insurers are free to set their own rates for title insurance policies, and title companies are free to set their own fees for title and settlement services.
Pricing can differ significantly from one provider to another.
Are title insurance providers regulated in Virginia?
All title insurers and title agents must be licensed by the Virginia SCC Bureau of Insurance. Independent attorneys who provide settlement services but do not write title insurance policies are not required to be licensed by the Bureau of Insurance.
Is title insurance pricing set by the state regulator?
No. Rates for title insurance policies are set by the insurers.