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Eyad Salloum
Broker, Associate
Direct (469) 464-2641
Cell (214) 562-5039
www.dfwneighbor.com
eyad@dfwneighbor.com

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TITLE INSURANCE PREMIUM RATES (EFFECTIVE February 1, 2007)

Click Here to Download the Title Insurance Premium Rates

Estimated Closing Costs

 

IN NO EVENT MAY ANY POLICY OR ENDORSEMENT FORMS CONTAIN COVERAGES NOT EXPRESSLY AUTHORIZED BY THESE RULES.

R-1. Schedule of Basic Premium Rates----The Schedule of Basic Premium Rates for Title Insurance shall apply to all policies, unless the same be specified in other applicable Rate Rules.

In no event shall two or more Rate Rules be combined in the calculation of the premium for the subject transaction, unless one Basic Rate on the policy in the largest amount is charged, except as provided for in Rules R-5 and R-14. The Basic Premium Rates for policies include the charge for title insurance, title examination and closing the transaction (see Definitions in Rule P-1).

No portion, split or percentage of the premium shall be paid either directly or indirectly for title insurance, title examination or closing the transaction to any person unless there shall have been timely compliance with Rule P-21 and P-22.

 

R-2. Rebates and Discounts----No Company shall charge for a policy in one transaction and withhold issuance of a policy thereon, nor shall any Company charge a premium for a policy in one transaction and apply the charged premium in a subsequent transaction, except when same covers identical land to that contained in the initial conveyance, and when same shall have been consented to by the parties to all conveyances involved, which consent may be provided for in the contract(s) on which the transaction is based, or may be given in a separate written instrument, or may be evidenced by the acceptance and signing of a closing statement clearly setting forth application of the premium charge as agreed by the parties to the transaction(s). The phrase "one transaction" as used in this rule may include more than one conveyance provided: (i) all grantors and grantees have acknowledged in writing the method of application for premium or premiums to be collected, and (ii) all instruments of conveyance relating to the subject property which is to be insured are unconditionally delivered simultaneously. Each company shall remit the portion of the premium due to the title Insurance Company no later than the 15th day of the second month following the month in which the premium was collected. The provisions of this rule shall also apply to any escrow officer who remits directly to a title insurance company. No company shall issue or deliver a policy, binder or endorsement for which a premium is prescribed, without collecting the full charge therefore, except as follows:

      (a)   When a Mortgagee Policy is issued in the manner provided in Rule P-8.b., the premium for the Mortgagee Policy may be paid in installments if the following conditions are met:

            (1)   The face amount of the policy shall be $5,000,000 or more.

            (2)   The premium for the Mortgagee Policy shall be determined on the date of issuance thereof. As the loan which is the subject of the policy is disbursed, a fraction of the premium for the policy equal to the fraction of the loan then funded shall be paid and upon payment thereof the amount of the coverage of the Mortgagee Policy shall increase by the amount of such funding.

            (3)   The down date endorsement procedure described in rule P-9.b.(4) must be used in connection with such Mortgagee Policy.

If any one of the above conditions is not met with respect to such Mortgagee Policy, the remaining premium due and owing therefor shall be immediately due and payable.

      (b)   When an Owner Policy meets the requirements of paragraph (a) above, and is issued in the manner provided in Rule P-8.a., and is issued simultaneously with a Mortgagee Policy as provided in Rule R-5.B., the amount of coverage of said Owner Policy shall increase in an amount equal to, and contemporaneously with, the increase in the coverage of said Mortgagee Policy.

      (c)   When an Owner Policy is issued in the manner provided in Rule P-8.a., but is not issued simultaneously with a Mortgagee Policy as provided in Rule R-5.B., the premium for the Owner Policy may be paid in installments if the following conditions are met:

            (1)   The face amount of the policy shall be $5,000,000 or more.

            (2)   The premium for the Owner Policy shall be determined on the date of issuance thereof. The premium for the Owner Policy paid upon issuance thereof shall be the portion of the total premium allocable to the liability under the Owner Policy as shown in the liability paragraph prescribed by Rule P-8.a.(1). As the contemplated improvements which are the subject of the Owner Policy are made, a fraction of the premium for the policy equal to the amount actually expended by the Insured in improvements since the last premium payment date shall be paid periodically and in no event later than completion thereof, and upon payment of said premium fraction the amount of the coverage of the Owner Policy shall increase by the said amount expended in improvements.

            (3)   The down date endorsement procedure described in Rule P-9.a.(3) must be used in connection with such Owner Policy.

If any one of the above conditions is not met with respect to such Owner Policy, the remaining premium due and owing therefor shall be immediately due and payable.

      (d)   When a qualified intermediary under Internal Revenue Code §1031 takes title on behalf of the ultimate owner (the person making the exchange and receiving the tax benefit), Schedule A of the policy should be prepared as follows:

            Owner Policy of Title Insurance

            (1)   Name of Insured:   (Alternative 1) John Doe
                                               (Alternative 2) Jane Smith, (insert "trustee", "on behalf of", "qualified
                                               intermediary" or other designation of capacity as approved by the
                                               underwriter, based on the wording of the applicable deed), and John
                                               Doe, as their interests may appear.

            (3)   Title to the estate or interest in the land is insured as vested in: Jane Smith, (insert exact
                    designation of capacity as shown in deed).

            Texas Residential Owner Policy of Title Insurance

            (1)   Name of Insured: Jane Smith, (insert "trustee", "on behalf of", "qualified intermediary" or
                   other designation of capacity as approved by the underwriter, based on the wording of the
                   applicable deed), and John Doe, as their interests may appear.

An issued policy should not be altered or endrosed after the deed from the intermediary to the ultimate owner, to change the insured to reflect the name of the ultimate owner. This Rate Rule R-2 strictly prohibits passing through the title insurance premium on multiple conveyances unless proper disclosure is made and the deeds to all conveyances are delivered to the title or closing agent simultaneously and without condition. However, if title coverage is issued as outlined above, the provisions of R-2 as to the pass through premium are not applicable because the policy is issued in the transaction in which the premium was collected.
 

R-3. Owner Policy----Owner Policies shall be written to protect the estate or interest in the land, e.g. fee simple, leasehold or easement. Except as otherwise provided in this rule, all Owner Policies shall be issued for the amount of the current sales price of the land and any existing improvements appurtenant thereto, plus, at the option of the insured, the cost of improvements immediately contemplated to be erected thereupon; or, if no sale is being made, all Owner Policies shall be issued for an amount equal to the value of the land and any existing improvements appurtenant thereto, plus, at the option of the insured, the cost of the improvements immediately contemplated to be erected thereupon. In the last instance, such policy is permitted only if the applicable exception and clause provided for in Rule P-8 are placed in the policy. If improvements are subsequently added, a new Owner Policy may be issued in the aggregate amount of the original Owner Policy, plus the cost of improvements. The premium for such policy shall be the Basic Rate less the premium which was paid for the surrendered, original policy.

      a.   Leasehold: The amount of the Owner Policy covering a leasehold estate shall, at the option of the Insured, be based upon:

            (1)   the total amount of the rentals payable under the lease contract, or

            (2)   the value of the land and any existing improvements, or

            (3)   the value of the land and any existing improvements and the cost of improvements immediately contemplated to be erected thereon.

            In (3) above, the policy must contain the applicable exception and clause provided for in Rule P-8.

      b.   Easement: An Owner Policy covering an easement estate shall be written for the amount of the value of the easement at the time the policy was issued

      c.   Increased Value Endorsements: When requested by the insured, and upon compliance with Rule P-9.a.(2), endorsement form T-34 shall be attached to the Owner Policy upon payment of a premium for such endorsement which shall be the Basic Rate computed on the new amount less the premium paid for the Owner Policy and any form T-34 endorsements previously attached thereto, but in no event less than the then applicable minimum policy Basic Premium.

      d.   Acquisition by the United State of America: Where improvements are located on land acquired by the United States of America and such improvements will be removed or destroyed, at the option of the United States, an Owners Policy (Form T-11) shall be issued for the stated amount of the sales price of the land only, which price shall not include the amount paid for the existing improvements which are to be removed or destroyed.

 

R-4. Mortgagee Policy----All mortgagee Policies shall be for the amount of the loan(s) insured. When the land covered in the policy represents only part of the security of the loan(s), then the policy shall be written in the amount of the value of such land or the amount of the loan, whichever is the lesser. (See Rule P-8 for additional exceptions.) When requested by the insured, the policy may be issued in an amount equal to the original principal amount of the indebtedness plus legal interest (capitalized or otherwise) not to exceed twenty-five (25%) of the said principal amount. The premium for the policy in such case shall be the Basic Rate for the amount of the policy. A previously issued mortgagee policy insuring an adjustable mortgage loan may, when providing for negative amortization, be reissued or endorsed), effective as of the date of the original Mortgagee Policy, increasing the face amount of the Mortgagee Policy from the original principal amount of the loan to an amount not to exceed one hundred twenty-five percent (125%) of the original amount upon the payment of additional premium calculated as follows: The premium calculated at the Basic Rate (existing on the date of the original Mortgagee Policy) but less the greater of the amount of the premium charged for: (i) the original Mortgagee Policy, or (ii) the Owner Policy, if such original Mortgagee Policy was issued as a simultaneous issue; no credit shall be given for the simultaneous issue premium charge.

Based in Lewisville, Texas, our office is between Lakeland Baptist Church and Colonial National Bank, we serve clients throughout the DFW Metroplex including Dallas, Fort Worth, Carrollton, Coppell, Flower Mound, Plano, Frisco, Irving, Garland, The Colony, Lake Dallas, Lewisville, McKinney, Highland Village, Richardson, Cedar Hill, Desoto, Lancaster, Highland Park, University Park, Bedford, Colleyville, Euless, Grapevine, Hurst, Mansfield, Southlake, North Richland Hills, Richland Hills, Shady Shores, Corinth, Denton, Keller, Little Elm, Double Oak, Copper Canyon, Hickory Creek, Argyle, Allen, Trophy Club, Bartonville, Addison, Oak Point, Krum, Watauga, Rowlett.

Our services include: Condo, Condo For Sale, Condos, Condos For Sale, Home, Home For Sale, Homes For Sale, New Home, House, House For Sale, Houses For Sale, Property, Property For Sale, Properties, Properties For Sale, Real Estate, Real Estate For Sale, Townhome, Townhome For Sale, Townhomes, Townhomes For Sale, Lake Home, Lake Home For Sale, Lake Homes, Lake Homes For Sale, Lake Property, Lake Property For Sale, Lake Properties, Lake Properties For Sale, Vacation Home, Vacation Home For Sale, Vacation Homes, Vacation Homes For Sale, Waterfront Home, Waterfront Home For Sale, Waterfront Homes, Waterfront Homes For Sale, Waterfront Property, Waterfront Property For Sale, Waterfront Properties, Waterfront Properties For Sale, Foreclosure, Foreclosures, Foreclosures For Sale, Short Sale, Short Sales, REO, REO Property, REO Property For Sale, REO Properties, REO Properties For Sale, Bank Owned Properties, Bank Owned Properties For Sale, Rental, Rentals, Rental Home, Rental Homes , Rental Property, Rental Properties, Income Property, Income Properties, Investment Property, Investment Properties, Build To Suit, Builder, Builders, Duplex, Duplexes, Senior Housing, Over 55 Communities, Adult Communities, MLS, MLS Listings, MLS Search, Property Search, Real Estate Search, Broker, Brokers, Estate Agent, Real Estate Agent, Real Estate Agents, Realtor, Realtors, Realty.  You can reach Eyad Salloum at (214) 562-5039, email: eyad@dfwneighbor.com or visit his Web site at www.dfwneighbor.com.

 
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