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Title insurance rates vary from state to state and market to market. In some states, the fees are set by the AGENT, and are market competitive -- they may be negotiated by the Agent. In other states, the rates and fees are regulated by that state's Department of Insurance and the fees may not be negotiated - higher or lower than the regulated fees. In both cases, the premium fees are calculated on a per $1000 rate. That rate is then based on whether the transaction is a "basic" rate, "re-issue" rate, "refinance" rate or "new construction" rate. Basic rate covers a policy issued on a Purchase transaction and usually calculated on the Purchase Price and the Mortgage Amount. Re-Issue rate covers a policy issued on a Purchase transaction and whether or not the Sellers can provide backtitle to the Buyers. The back title criteria is typically based on how old the Sellers' Owner's Policy is. (Usually a lower per $1000 rate than basic) Refinance rate covers a policy issued to the current owner on a Mortgage loan. Depending on the state, the previous mortgage amount may have a bearing on how the rate is calculated.(Usually a lower per $1000 rate than basic) New construction rates covers the builder during the construction of the property, before the construction is complete. (Usually a significantly lower rate than basic since the property is not a fully finished home/building during the time of coverage.) New construction rates do NOT cover a buyer purchasing a completed home from the builder, only the time the home is BEING constructed and covering the builder.
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== == Title insurance cost differ from state to state, and the full question to be evaluated should be, what is the title insurance and title-related closing costs on a sale. Shop for your title company, compare the title insurance rate and fees. Find out every item they plan to charge you for, and compare them to several title companies. Be sure to do at the beginning of the transaction and don't let your realtor or broker pick the title insurance company for you. Its your choice, not theirs. Be sure to to remember that you may be entitled to certain credits depending on when you intially purchased the property, and even more of when you are refinancing. Don't forget to take control of your own transaction and compare title companies if you are refinancing too! There is usually a cost to both the seller and the buyer, and it varies from title company to title company. You have to have it. Occasionally, if the title search was done by the title company for the previous transaction, there may be a price break.
