HOW TITLE RATES ARE SET?
In PA and NJ, title insurance rates are set by the state rating bureaus within the Department of Insurance. The cost of title insurance is the same no matter which title insurance company you use. This surprises many people since many other settlement costs (such as Realtor commissions) can NOT be set by the state or Realtor Associations.
- Sale Rate: The title insurance rate charged to a consumer who is purchasing a property.
- Non-sale Rate: The title insurance rate charged to someone who is refinancing their property
- Abstract: A document listing all of the recorded deeds, mortgages, and instruments affecting the title to a particular property.
- Chain of Title: The successive ownerships or transfers in the history of title to a tract of land.
- Convey: To give, transfer, sell, deed or otherwise change the ownership of one’s property.
- Deed: A written document which conveys ownership of land from one person to another.
- Easement: The right to use the land of another for a specific purpose. Examples include utility lines, driveways, and ingress or egress. Easements can be temporary or permanent.
- Grantor: Person selling, granting, transferring, or conveying property.
- Grantee: A person to whom a grant is made, or the person named in a deed to receive title to property.
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