Title Insurance Premiums
Please Note: Title Insurance premiums are mandated by the NC Department of Insurance; therefore the price of your Policy is the same regardless of the Title Company used.
The premiums are determined by the search period and the search type in which the Closing Attorney certifies to on the Preliminary Title Certificate. The minimum premium charge for any type of Policy is $50.00. Before a Policy of Title Insurance can be issued in North Carolina, a title examination must be conducted under the supervision of an independent Attorney licensed to practice law in North Carolina. The Preliminary Title Certificate is completed by the Certifying Attorney’s Office and must be signed by an Approved Certifying Attorney.
Re-Issue Premium and Policy Type
There are Re-Issue Premiums available and our Office will honour and give a Re-Issue on any Prior Policy provided to our Office by the Closing Attorney regardless of the Title Company who issued it.
In order to update or Re-Issue, the Closing Attorney’s Office must locate the Prior Title Policy or ask the Owner of the property for a copy. Re-Issues will only be given for Prior Title Policies issued within the last 15 years. Rates will be 50% of the Regular Rate up to the amount of the Prior Title Policy. In this situation, the Closing Attorney performs a title search from the effective date of the Prior Title Policy to present.
In some instances the time frame may be 30 years or more and some may be less than 1 year. In this situation, the Title Company uses a Rate Quote Calculator to calculate the premium and apply the Re-Issue.
Simultaneous Issuances occur when more than one type of Policy is issued for the same insured property on a single transaction (i.e., Purchase, Refinance with 1st and 2nd Mortgages).
The most common example is a Purchase. In this situation there is an Owner’s Policy in the amount of the purchase price and a Lender’s Policy in the amount of the loan amount. Another common example is a Purchase with a 1st and 2nd Mortgage that are closed simultaneously. In this situation, there is an Owner’s Policy in the amount of the purchase price, 1st Mortgage Policy in the amount of the 1st loan amount and a 2nd Mortgage Policy in the amount of the 2nd loan amount. The premium calculation is similar to single Policy issuances except in most cases there is only one charge for all the Policies being issued for the same insured property on a single transaction.