The Department of Insurance in many states, regulates the fees filed by Title Insurance Underwriters.
In NJ, all rates are filed with the Department of Banking and Insurance. Title agents are bound by law to charge only the accepted fees and rates as filed with the Department of Banking and Insurance, therefore rates from agency to agency are essentially the same.
Each real estate transaction is unique and may need to be calculated at varied dollar amounts and insurance rates in order to accurately anticipate your actual insurance premium.
Contact us via email and one of our licensed, title professionals will happily assist in providing a NJ title quote for you.
Explanation of Types of NJ Rates
Basic = Rate based on full purchase price of property and is used in a sales transaction. Simultaneously issued Fee/Owner's Policy is issued at $25.00
Reissue = Rate on a sales transaction when an issued Fee/Owner Policy of 10 years or less, is provided by the Seller to the Buyer's Title Agency at time of contract. ( Commonly referred to as the Back Title Policy)
Refinance = Rate for a refinance transaction calculated on the current mortgage's original amount and the new loan amount. If the new loan is larger than the previous mortgage, the difference will be calculated at the basic rate.
Construction = Rate coverage during the period a home is being built and only applies to the building in progress. A person purchasing a newly constructed home will pay the basic rate premium based on the final sales price.
In addition to the basic premium rate for coverage, your Lender will require additional endorsement coverage to title; 3 NJ searches and examinations, which are pass through costs necessary in order to issue a Title Insurance Policy.