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*Policies are always calculated from the higher of the two amounts (Owner amount or Lender amount) and they are always rounded up to the nearest thousand. ($31,005 would be rounded to $32,000)
Title Insurance Rate Filing
All rates are uniform in NC, filed with the NC Department of Insurance and filed rates must be used. North Carolina title insurance rates apply to ANY Title Insurance Policies insuring North Carolina property, regardless of where the Policy is issued. North Carolina filed rates are comprehensive and encompass all premiums for title insurance currently authorized. The following is the Current North Carolina Premium Rate Filing:
Rates Effective March 1, 2020
Minimum Premium: The minimum premium for Regular Rates and Reissue Rates shall be $50.00
Regular Title Insurance Rates for a Lender's and/or an Owner's Policy
Up to $100,000 ....................................$2.54
$100,001 to $500,000, add ....................$1.98
$500,001 to $2,000, 000, add ................$1.29
$2,000,001 to $7,000,000, add ...............$0.99
$7,000,001 and above, add ....................$0.69
The ALTA Homeowner's Policy of Title Insurance and ALTA Expanded Coverage Residential Loan Policy are available f or qualifying improved one-to-four family residences at the applicable rate plus an additional 20% of the regular rate.
Simultaneous Issue of Owner's, Leasehold and Loan Policies: In all loan transactions, one or more Loan policies may be issued simultaneously with an Owner's policy covering identical property for a single premium, plus a Simultaneous Issue Premium charge of $26. 00 for each Loan Policy issued. All title insurance rates apply to this category. When policies are issued insuring both a first deed of trust and junior deeds of trust simultaneously with an Owner's Policy, the rate is determined by multi plying the applicable Rate by the higher of the amount of coverage under the Owner's Policy, or the total of the coverage amounts under the Loan Policies, plus a Simultaneous Issue Premium of $25.00for each Loan Policy issued. The effective dates of the policies do not have to be the same date, such policies must have been able to be issued on the same day. When a simultaneous issuance includes an ALTA Homeowner's Policy and/or ALTA Expanded Loan Policy, the premium charge will be the higher of the two rate calculations.
Reissue: When a policy has been issued on identical Land within fifteen (15) years, the rate shall be 50% of the Regular Rate up to the amount of the previous policy and Regular Rates shall apply to amounts in excess of the prior policy amount. The previous policy or HUD-1 must be provided to the Insurer to receive this Reissue Rate. When a policy has been issued to a Subdivider/Developer/Builder within fifteen (15) years, the rate shall be 50% of the Regular Rate up to the sales price of the individual lot, unit, or tract subdivided from the land originally insured. The previous policy or HUD-1 must be provided to the insurer to receive this Reissue Rate.
Builders Revolving Lines of Credit Deed of Trust: A premium shall be charged once the aggregate coverage amount of each separate parcel or unit insured exceeds the amount of insurance shown on the policy.
Equity Master, Master Home Equity Loan Policy, FACT, ALTA Residential Limited Coverage (Junior Loan) or Other Similar Limited Coverage Policies: As required by North Carolina General Statutes for all title insurance policies, these policies require the title opinion of a licensed North Carolina attorney. (Policy amount shall not exceed $500,000.)
Policy Amount Premium
Up to $100,000 .................................$ 55.00
$100,001 to $250,000 ........................$ 80.00
$250,001 to $500,000 ........................$167.00
Closing Services Insurance: The premium for Closing Services Insurance is as follows: (Rate Per Thousand)
Up to $100,000 ....................................$0.63
$100,001 to $500,000, add ....................$0.12
$500,001 and above, add ......................$0.00
When an insured has requested closing services insurance, the insured shall be charged an undivided premium equal to the sum of the closing services insurance premium and the title insurance premium. Notice shall be given that closing services insurance has or has not been provided. Commitment for Title Insurance Policy: The Premium for the issuance of a Commitment is $15.00. (to paid only if the title insurance policy is issued)
Residential Endorsements: For Residential Transactions only, an Endorsement Premium in the amount of $21.00 shall be charged for each of the following ALTA Endorsements:
Deeds of trust are exempt from transfer taxes
N.C.G.S. Section 105-228.29. Exemptions.
This Article does not apply to any of the following transfers of an interest in real property:
(1) By operation of law.
(2) By lease for a term of years.
(3) By or pursuant to the provisions of a will.
(4) By intestacy.
(5) By gift.
(6) If no consideration in property or money is due or paid by the transferee to the transferor.
(7) By merger, conversion, or consolidation.
(8) By an instrument securing indebtedness.
In purchase transactions, N.C.G.S. Section 105-228.30 imposes a statewide tax on deed transfers and the tax rate is one dollar ($1.00) on each five hundred dollars ($500.00) or fractional part thereof of the consideration or value of the interest conveyed. The transferor must pay the tax to the register of deeds of the county in which the real estate is located before recording the instrument of conveyance. In addition, at least seven counties, including: Dare, Camden, Chowan, Currituck, Pasquotank, Perquimans, and Washington, are authorized to collect an additional $1 per $100 as a land transfer tax on certain transactions. Those tax authorities should be contacted for specifics.