Stewart Rate Calculator and the fee estimates generated are formatted primarily for the purpose of providing information for lender Good Faith Estimates (GFE). For GFE purposes, the estimates obtained through the calculator include a number of common fees, which may or may not be applicable to any specific transaction. These fees are itemized so that you may deduct when presenting estimate results to your client.
For refinance transactions, title insurance policy estimates are based on an extended coverage ALTA Loan policy issued with the “Reorganization Rate” discount, typically available when there has been prior bank lender financing on the property (as well as some private party financing situations). Please contact us for an estimate for loan transactions which do not fit this scenario, such as construction loans, or situations where no prior bank financing is present.
For purchase transactions, Owner’s title insurance policy estimates are based on the undiscounted rate for ALTA Owner’s policy, standard coverage. Discounts may apply – most commonly a “short term” rate discount of 20% if title insurance has been provided for any transaction involving the property within the previous 5 years. ALTA Homeowner’s policies are 10% more than the undiscounted or discounted standard coverage rate.
For estimates obtained for the purpose of estimating seller’s costs for sale/purchase transactions, a “normal” split of costs results in the seller paying for the Owner’s title insurance policy, the Excise (“Transfer”) taxes, and one half of the “Escrow/Settlement” fees. The actual split of costs will be determined by the Purchase and Sale Agreement.