Title Agents Since 1960

Title Rates

The following are excerpts explaining some title insurance rates as described in the Manual of the Title Insurance Rating Bureau of Pennsylvania, as approved by the Pennsylvania Department of Insurance:

 

5. POLICIES AND RATES


5.1 METHODS OF OPERATION


A. "Company or Agent Procedure". Under this procedure, the Insurer or Agent examines title and handles settlement and issues a Commitment and/or policy.


B. "Approved Attorney Procedure". Under this procedure, the Approved Attorney certifies the title to the Insurer or Agent on a preliminary report of title based upon the Approved Attorney's examination of title. "Examination" for the purpose of this section is the process of abstracting or searching or causing an abstract or search to be made of the appropriate public records for those matters affecting title to a specific parcel of land, examining the results thereof, and reporting such results and conclusions to the Insurer or its Agent in a preliminary report of title. The Insurer or its Agent, in reliance upon such report, may issue a Commitment and the Approved Attorney may conduct a settlement or closing based upon such report and Commitment. Subsequently, the title insurance policy shall be issued by the Insurer or Agent based upon the Approved Attorney's final certificate of title. In certain cases an Approved Attorney may submit only a final certificate of title to the Insurer or Agent, and based upon such certificate the Insurer or Agent may issue the title insurance policy.


C. The charge for the search, examination of title and the settlement by the Approved Attorney is not governed by this Manual.


5.2 APPLICATION OF RATES UNDER THE COMPANY OR AGENT PROCEDURE

 

A. APPLICATION OF SALE RATE

 

The Sale Rate is set forth in Section 5.50 A. of the Schedule of Rates - Company or Agent Procedure and applies to all owner's policies of title insurance issued under the Company or Agent Procedure described in Section 5.1 above. The Sale Rate is to be applied to calculate the Charge for a loan policy of title insurance only in certain situations (as described in this Section 5.2, paragraphs C, D and E).


B. APPLICATION OF NON-SALE RATE


The Non-Sale Rate is set forth in Section 5.50 B. of the Schedule of Rates­ Company or Agent Procedure, and with certain exceptions as hereinafter described, applies to loan policies of title insurance issued under the Company or Agent Procedure, described in Section 5.1 above. Paragraphs C, D and E of this Section 5.2 describe those exceptions where the Sale Rate applies in calculating the Charge for a loan policy of title insurance.


C. SIMULTANEOUS ISSUANCE


Where owner's and loan policies are issued simultaneously on the same property, they shall be treated as a single policy for rate calculation purposes. The Charge, including any endorsements priced as a percentage, shall be based on the Sale Rate and applied to the policy with the highest limits.


D. WAIVER OF OWNER'S POLICY


In a transaction involving the purchase of all or a part of the real estate securing a mortgage with said mortgage being simultaneously insured, an owner's policy must be issued unless the new owner has waived, in writing, the purchase of an owner's policy in accordance with Title 31, Pa. Code § 126.1. (See Supplemental Form TIRBOP- 31 PA Code § 126.1 Waiver of Owner's Title Insurance (01/01/02))


When owner's insurance has been waived in accordance with this paragraph, the Charge for the loan policy shall be based on the Sale Rate being applied to the amount of insurance for the loan policy.


E. POSTPONEMENT OF OWNER'S POLICY


When an owner acquires a premises and purchases title insurance and the owner does not grant a mortgage on the premises at the time of the acquisition, at the written request of the Insured Owner, the issuance of an owner's policy may be postponed for a period not to exceed 12 months after the date of recording the deed. If, during the 12 month period, the Insured Owner places a mortgage on the premises, no separate charge other than an additional Charge due for a loan policy in an amount in excess of the owner's policy, if any, shall be charged for the issuance of the owner's and loan policies. However, a work Charge for conducting the loan closing and issuance of an updated title Commitment, if required, may be made which shall not exceed 25% of the Sale Rate for such loan policy. In no event shall the provisions of this Section apply beyond the 12 month period.


F. MORTGAGE FORECLOSURE OR DEED IN LIEU OF FORECLOSURE


If an insured lender desires to purchase an owner's policy when it acquires title to the land by foreclosure or by deed in lieu of foreclosure, the Charge for the owner's policy shall be based on the Sale. Rate and the amount of insurance shall not be less than the fair market value of the property as of the time the owner's policy is issued.


G. ENDORSEMENT CHARGES- Multiple Policies & Percentage Endorsements


The Charge for an endorsement shall be made each time an endorsement is attached to a policy regardless of the number of policies issued in a particular transaction; provided, however, a Charge for endorsements priced as a percentage shall only be made once in transactions where multiple loan polices are issued in accordance with 5.5 (D) or (E) . The Charges for an endorsement priced as a percentage shall be calculated by applying the specified percentage to the rate applicable to the transaction as determined by this Section 5.2.


H. ENHANCED COVERAGE RESIDENTIAL POLICIES


Whenever Enhanced Coverage Residential Policies are issued, the Charge for said policies shall be calculated in accordance with Section 5.9.


5.50 SCHEDULE OF RATES -

COMPANY OR AGENT PROCEDURE


UNIT OF INSURANCE
OR
FRACTION THEREOF
SALE RATE NON-SALE RATE
$0 to $30,000 $500.00 $450.00
$30,001 to $45,000
Add per 1,000
$6.50 $5.25
$45,001 to $100,000
Add per 1,000
$5.50 $4.75
$100,001 to $500,000
Add per 1,000
$5.00 $4.25
$500,001 to $1,000,000
Add per 1,000
$4.00 $3.75
$1,000,001 to $2,000,000
Add per 1,000
$3.00 $2.75
$2,000,001 to $7,000,000
Add per 1,000
$2.00 $1.75
$7,000,001 to $30,000,000
Add per 1,000
$1.50 $1.50
$30,000,001 and above $1.25 $1.25

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