Title insurance is a very labor intensive product. It is based upon the maintenance of a title "plant" or library of title records ( in some cases dating back to the Gold Rush or Spanish Land Grant!). Every day recorded documents affecting real property and property owners are posted to these title plants for rapid and accurate retrieval. In Sacramento and its surrounding counties, much of the property information is computer-based and available for even the most remote location. However; all this data is practically useless without skilled personnel to search, review and evaluate. These highly-trained and experienced people take up the major part of the title insurance premium dollar.
The same is true for escrow services. Escrow officers typically have 10 to 20 years of experience in their industry drawing documents, providing notary services, dealing with lenders and coordinating the closing of the escrow files. Many have acquired specialized knowledge in short sales, foreclosures, exchanges and out-of-the ordinary transactions.
In California, all title insurance and escrow services rates are posted with the Department of Insurance, which is the agency that regulates the industry. Companies have a mandate to charge the posted rates. There are special posted rates for each of the types of residential insurance policies, as well as for refinances, subdivisions, churches and commercial properties. In addition to the posted rates, there are minimal charges for drawing documents, wiring money, special courier and overnight delivery requirements and notary fees. These charges, as well as the applicable posted title insurance and escrow rate, are quoted to the real estate agent or property owner when the escrow order is opened. They are detailed on the "settlement statement," which is signed by the parties when the escrow is closed.
or close escrow?
report
needed?
the costs?
for what?
insurance
escrow
