ORIGINAL TITLE INSURANCE RATES FOR
OWNER'S OR LEASEHOLD POLICIES
Per Thousand
Up to $100,000 of liability written
$ 4.00
Over $100,000 and up to $150,000 add
$ 3.25
Over $150,000 and up to $300,000 add
$ 2.50
Over $300,000 and up to $1,000,000 add
$ 2.25
Over $1,000,000 and up to $5,000,000 add
$ 1.25
Over $5,000,000 add
$ 1.00
Minimum Premium
$70.00
NOTE: A policy issued insuring a policy amount other than an even thousand dollars of coverage, shall be charged at the rate applicable for the next highest $1,000 of coverage.
Summary of Closing & Escrow Procedures around the United States
This summary is merely a general reference guide. Local practices within your city or county may differ. Contact a local title company or real estate attorney for specific information. This is not intended as legal advice, but merely as a general reference guide.
MINNESOTA - Title companies, lenders, real estate agents, and attorneys may conduct closings. Conveyance is by warranty deed. Although deeds of trust are authorized, mortgages are the customary security instruments. This is a strong abstract state. Typically a buyer will accept an abstract and an attorney’s opinion as evidence of title, even though the lender may require title insurance. People in the Minneapolis-St. Paul area use the Torrens system. Minnesota uses ALTA policies. Buyers pay the lender’s and owner’s title insurance premiums and the mortgage tax. Sellers usually pay the closing fees and the transfer taxes. Property taxes are due on May 15th and October 15th.
