Title Premium Fees Are Set By The State Of Texas Y’all

Title Premium Fees Are Set By The State Of Texas Y’all

Title Insurance in Texas is unique in that the state regulatory body establishes the rates, meaning all title agents and companies are required to charge the same rate set by the Texas Department of Insurance (TDI).  You also must be licensed in the State of Texas to sell title insurance and it is illegal to issue a title policy without a license.

Title Insurance in Texas is unique in that the state regulatory body establishes the rates, meaning all title agents and companies are required to charge the same rate set by the Texas Department of Insurance (TDI).  You also must be licensed in the State of Texas to sell title insurance and it is illegal to issue a title policy without a license.

The Texas Department of Insurance or TDI is the state agency charged with oversight of title insurance.

The Texas Department of Insurance or TDI is the state agency charged with oversight of title insurance.

There are several forms of a title policy. The two most common in a residential sales transaction are:

WHAT IS TITLE INSURANCE

There are several forms of a title policy. The two most common in a residential sales transaction are:

Here we breakdown some of the labor factored into premium costs

Here we breakdown some of the labor factored into premium costs

Title Search

This is a history of the property the abstract plant reviews by endlessly scouring public records at the county courthouse

 

Title Search

This is a history of the property the abstract plant reviews by endlessly scouring public records at the county courthouse

 

Title Examination

This is the analysis of public records to uncover any defects such as a tax liens or defects in the chain of title.  Anything filed of record and attached to the subject property will be discovered here.  This is the crux of your insurance.  The findings done in the examination process ensures your property rights once the transaction is complete.   

Closing the Transaction

There is a lot that goes into this process.  Title agents juggle many things before everyone sits down at the table.  Any defects that show up on title is the responsibility of the Seller to fix.  The Escrow Agent is there to guide and assist the parties through the process of curing defects.  The closing transaction process, at times, can be complex and frustrating.  Your Escrow Agent’s main responsibility is to inform the consumer and act as a neutral party to help guide the process to closing.  

In short, we are here to help.

Title Examination

This is the analysis of public records to uncover any defects such as a tax liens or defects in the chain of title.  Anything filed of record and attached to the subject property will be discovered here.  This is the crux of your insurance.  The findings done in the examination process ensures your property rights once the transaction is complete.   

Closing the Transaction

There is a lot that goes into this process.  Title agents juggle many things before everyone sits down at the table.  Any defects that show up on title is the responsibility of the Seller to fix.  The Escrow Agent is there to guide and assist the parties through the process of curing defects.  The closing transaction process, at times, can be complex and frustrating.  Your Escrow Agent’s main responsibility is to inform the consumer and act as a neutral party to help guide the process to closing.  

In short, we are here to help.

The commission of the Texas Department of Insurance sets premiums rates through a public hearing process

Rules, policies, and rates put in place by TDI are determined through a course of meetings and hearings, all of which are open to the public.

The cost of title insurance has decreased by 15% over the past 25 years.

THE TITLE INSURANCE PREMIUM IS DEPENDENT ON THE VALUE OF THE PROPERTY.  ALL TITLE AGENTS, IN TEXAS, CHARGE THE SAME PREMIUM FOR PROPERTY OF THE SAME VALUE.  

The commission of the Texas Department of Insurance sets premiums rates through a public hearing process

Rules, policies, and rates put in place by TDI are determined through a course of meetings and hearings, all of which are open to the public.

The cost of title insurance has decreased by 15% over the past 25 years.

THE TITLE INSURANCE PREMIUM IS DEPENDENT ON THE VALUE OF THE PROPERTY.  ALL TITLE AGENTS, IN TEXAS, CHARGE THE SAME PREMIUM FOR PROPERTY OF THE SAME VALUE.  

TDI MONITORS THESE REGULATIONS BY:

State audits are done at various time intervals:

1. An annual CPA Audit

2. A policy audit conducted by the Escrow Agents underwriter, done once every two years

An underwriter is the one who in the end insures the property and takes on the financial risk.

3. A compliance audit by TDI done at least once every 2 years.

Our goal is to get all parties to the closing table.  The more uneventful the transaction the better!   But, be assured,  when things pop up, the staff of  Sewell Title Co. excels in providing caring service:  ironing out the details, making sure all the multiple parties (buyers, sellers, real estate agents, lender, surveyor, and the list goes on!) needs are met and deadlines reached;  ensuring everyone is on track for signing.

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