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Preferred
Title & Guaranty Agency, Inc., offers a
wide variety of services and the excellent customer support that our customers
and professional partners expect and deserve.
What
is
Title Insurance?
A
title insurance policy, in effect, provides an assurance that you really own the
property you think you own.
When
you purchase title insurance, the protection you are buying is based on a title
search of public records that traces the chain of ownership of the property
involved, and includes a guarantee from the title company that the title is
accurate as stated.
The
initial search examination are important in identifying title problems before
your real estate purchase is complete. While almost all other forms of
insurance protect you against future hazards, a title policy is designed to protect
against the hazards of the past. There are two types of Title Insurance
Policies:
 | Owner's
Title Insurance
Protects the home buyer's interest, and is normally issued in the amount of
the purchase price of the property. Coverage means that the issuer
will pay all valid claims on the title as insured. |
| Lender's
Title Insurance
The mortgage lender requires that the home buyer purchase a lender's
title insurance policy to protect the lender's security in the real
estate. Lender's title insurance is issued in the amount of the
mortgage loan. The amount of coverage decreases, and finally
disappears as the mortgage loan is paid off. |
Premium
Rates (Effective 01/01/2003):
(Per
$1,000.00 liability or fraction thereof)
|
Owner
or Leasehold Policy Rates: |
|
| Up to $150,000 of liability written |
$5.75 per 1,000 or fraction thereof |
| Over $150,000 & up to $250,000 add |
$4.50 |
| Over $250,000 & up to $500,000 add |
$3.50 |
| Over $500,000 & up to $10,000,000 add |
$2.75 |
| Over $10,000,000 add |
$2.25 |
| Minimum |
$175.00 |
| w/ Survey Coverage |
$100.00 |
| Commitment Fee / Binder |
$100.00 |
|
|
| Mortgage Policy Rates: |
|
| Up to $100,000 of liability written |
$4.00 per 1,000 or fraction thereof |
| Over $100,000 & up to $250,000 add |
$3.25 |
| Over $250,000 & up to $500,000 add |
$2.50 |
| Over $500,000 & up to $10,000,000 add |
$2.25 |
| Over $10,000,000 add |
$2.00 |
| Minimum |
$125.00 |
| w/ Survey Coverage |
$50.00 |
| Commitment Fee / Binder |
$100.00 |
| Simultaneous Issue |
$100.00 |
| EPA Endorsement (8.1) |
$75.00 |
| ARM Endorsement (6, 6.1, 6.2) |
$75.00 |
| CLTA 100 Endorsement |
$150.00 min ($.10m) |
| ALTA 9 Endorsement |
$150.00 min ($.10m) |
| Condo Endorsement (4.0) |
$50.00 |
| PUD Endorsement (5.0) |
$50.00 |
| Manufactured Housing Endorsement (7.0) |
$75.00 |
| Other endorsements issued on request, call for pricing |
|
We offer three primary
types of Escrow closings.
-
Purchase/Sale
Involving both a buyer and a seller, you can count on
Preferred Title
to provide the highest quality service and attention to the
details whether you're the realtor, attorney, lender, builder
or developer.
-
Refinancing
Refinancing is the process of obtaining new lender financing
on a property. There are several reasons to
Refinance. The most common is when the initial financing
was at a much higher interest rate thus refinancing at a lower
interest rate would reduce the monthly payments.
-
Commercial
Preferred Title has some of the best commercial closers in the
area. We are experienced on all types of commercial
closings.
Definitions:
| Escrow
Services
As an Escrow Agent, Preferred Title is a neutral third party who can carry
out the instructions in a purchase agreement between the buyer and seller or
the borrower in a refinance situation. We can also handle all of the
disbursement associated with the closing. |
|
Property Profile |
A Property Profile is a description of your property showing
ownership, real estate tax information, sales and loan information and
comparables of similar properties. You may also get this
information by going to one of these County Auditor sites:
|
Location Survey |
Mortgage Location Surveys are normally required by the
lender in order to obtain additional coverage against
encroachments on the property.
|
Termite Inspections |
Termite Inspections are normally required on all FHA and VA
loans. This is an inspection of the property by a
certified professional to determine if there are any wood
destroying insects or visible damage to the structure.
|
Appraisals |
An Appraisal is an evaluation of the property to determine "Fair Market
Value" of the property. Often used by lenders to compare the value of the
house to the amount being loaned.
|
1031
Exchange |
A 1031 Exchange is an IRS provisions which allows the owner of a property to
exchange their property for another of like-kind while deferring payment of
state and federal capital gains taxes.
|
Title
Search/Title Examination |
|
Foreclosure
Searches |
|
