Basic Manual Of Title Insurance, Section III (#13) · Issues · Ashton Kidwell / patrimoniomallorca

Basic Manual Of Title Insurance, Section III

Effective November 1, 2024 (Order 2024-8851)

R-6. Subsequent Issuance of Mortgagee Policy

1. Subsequent to Owner Policy - When a Mortgagee Policy( ies) is requested, subsequent to the issuance of an Owner Policy which excepted to the Vendor's Lien, the premium will be one-half the Basic Rate. The lien to be guaranteed need to be as originally created, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) will be provided in the amount of the current overdue balance of stated insolvency. The Company will be furnished such proof as it may need validating such unpaid balance, that the indebtedness is not in default which there has actually been no velocity of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies provided by factor of notes being allocated to individual units in connection with a master policy covering the aggregate indebtedness, consisting of improvements. Individual Mortgagee Policies need to be released at the Basic Rates.

2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is requested, for any reason whatsoever, on a lien currently covered by an existing Mortgagee Policy( ies), however not on a renewal or extension thereof, the new policy being in the quantity of the existing overdue balance of the indebtedness, the premium for the new policy shall be at the Basic Rate, however a credit for three-tenths (3/10) of said premium may be allowed. 3. Subsequent to Mortgagee Policy - When an insolvent insurer is placed in permanent receivership by a court of proficient jurisdiction and a Mortgagee Policy( ies) is asked for on a lien currently covered by an existing Mortgagee Policy( ies) of stated insolvent insurer, however not on a loan to take up, restore, extend or satisfy an existing lien, the new policy remaining in the amount of the present overdue balance of the indebtedness, the premium for the brand-new policy will be at the fundamental rate, but a credit for half of said premium will be allowed, unless such credit would lower the premium to less than the minimum Basic Rate, in which case the rate shall be the minimum Basic Rate. The insured shall give up the existing Mortgagee Policy( ies) to the Company when placing the order for a new Mortgagee Policy( ies). The date of Policy for the new policy( ies) shall be the same Date of Policy as the existing Mortgagee Policy( ies).

R-7. Mortgagee Policies Covering First and Subordinate Liens Issued Simultaneously

When a Mortgagee Policy is issued on a First Lien, and other policy( ies) is issued on Subordinate Lien( s), developed in the same deal, covering the same land or a portion thereof, the premium for the First Lien policy shall be computed on the total of the combined liens; the premium for each Subordinate Lien policy will be $5.00.

R-8. Loan Policy on a Loan to Take Up, Renew, Extend or Satisfy an Existing Lien( s)

When a Loan Policy is issued on a loan that fully takes up, renews, extends, or pleases several existing liens that are currently guaranteed by several existing Loan Policies, the new Loan Policy must be in the amount of the note of the brand-new loan. The premium for the new Loan Policy is minimized by a credit. The credit is calculated as follows:

1. Calculate the Basic Premium on the written payoff balance of the existing loan or the original amount of that loan, whichever is less; and 2. Multiply by the percentage listed below for the time from the existing Loan Policy date to the brand-new Loan Policy date: 1. 50% when four years or less; 2. 25% when more than four years but less than 8 years; or

The premium for the new Loan Policy is the Basic Premium less the credit; but not less than the minimum Basic Premium.

The credit does not use if any residential or commercial property not covered in the existing Loan Policy( ies) is included in the brand-new Loan Policy.

When the existing Loan Policy( ies) included more than one chain of title, and the brand-new Loan Policy also includes one or more of the original chains of title, the minimum Basic Premium should be charged for each extra chain of title. (See Rate Rule R-9 for the meaning of "extra chain.")

When two or more brand-new Loan Policies are issued on numerous loans to completely use up, renew, extend, or satisfy an existing lien insured by a single Loan Policy, the premium for each brand-new Loan Policy, is the Basic Premium. The credit computed above must be applied to the premium for the biggest Loan Policy. A credit should be given even if not all of the brand-new loans are insured or if only among the new loans is guaranteed.

THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Loan Policies released by factor of notes being assigned to specific units in connection with a master policy covering the aggregate indebtedness, consisting of enhancements. Except as otherwise offered in this rule, individual Loan Policies must be issued at the Basic Rate.

R-9. Additional Chains of Title

In case more than one chain of title is involved in the issuance (consisting of determination of insurability of access) of any policy, the Company will charge the minimum policy Basic Premium Rate for each extra chain. For purpose of using this guideline, contiguous tracts in one county shall be dealt with as one chain, provided record title to the land and record title to the gain access to is vested in one owner at the time application is made. Each noncontiguous parcel having a different chain shall be dealt with as a separate chain, except where 2 or more lots in the exact same platted neighborhood, and having the same plat recording date, come from the same owner, then such will be dealt with as one chain. If the parcels lie in more than one county, there are different chains of title in each county. No extra chain charge may be produced decision of insurability of access to land situated within a neighborhood, provided: (i) the neighborhood lies in only one county, and (ii) the plat of the neighborhood has actually been lawfully authorized by a licensed governmental entity, is duly taped, and the roadways revealed thereon have been committed for public use or for using the owners of lots found in the neighborhood.

R-10. Owner's Policies - City Subdivision, Acreage Subdivisions, Industrial Tracts

Rate Rule R-10 is rescinded, effective September 1, 2013, due to obsolescence.

Effective January 3, 2014 (Order 2806)

R-11. Loan Policy Endorsements

Applicable only as supplied in Procedural Rule P-9.

Assignment of Mortgage Endorsement (Form T-3, Endorsement Instruction III): If released within twelve months after the date of the policy, the premium is the minimum Basic Premium Rate. If released more than twelve months after the date of the policy, the premium is the minimum Basic Premium Rate plus $100.00 for each extra complete or partial twelve-month period. However, the optimal premium collected should not be more than 50% of the premium for the loan policy quantity based on the existing Schedule of Basic Premium Rates If issued within twelve months after the date of the policy, the premium is the minimum Basic Premium Rate. If provided more than twelve months after the date of the policy, the premium is the minimum Basic Premium Rate plus $25.00 for each additional full or partial twelve-month duration. However, the maximum premium collected should not be more than 50% of the premium for the loan policy quantity based upon the current Schedule of Basic Premium Rates. If the land in the policy is Residential Real Residential or commercial property, the premium is $50.00. If the land in the policy is not Residential Real Residential or commercial property, the premium is $100.00. The premium for the Variable Rate Mortgage Endorsement (Form T-33) is $20.00. The premium for the Variable Rate Mortgage-Negative Amortization Endorsement (Form T-33.1) is: $20.00; or $ 0.00 if an additional premium is charged for the Loan Policy because of an increased policy quantity. The premium for the Manufactured Housing Endorsement (Form T-31) is $20.00. The premium for the Supplemental Coverage Manufactured Housing Unit Endorsement (Form T-31.1) is $50.00. When provided at the time the policy is issued, the premium is 25.00. When released after the date of the policy, the premium is $50.00. The premium is $25.00. However, when multiple Planned Unit Development Endorsements (Form T-17) are provided at the same time on several Loan Policies covering the same land, the premium for the very first endorsement is $25.00 and the premium for additional recommendations is $0.00. Title Manual Main Index|Section III Index

R-12. Commitment for Title Insurance

Applicable only as provided in Rule P-18 - The Commitment for Title Insurance will bear no premium in addition to the premium chargeable for the policy or policies issued pursuant thereto, other than that this Rule R-12 shall not apply to any commitment for title insurance provided pursuant to Rate Rule R-23, or Rate Rule R-25.

R-13. Mortgagee Title Policy Binder on Interim Construction Loan

1. Applicable only as supplied in Rule P-16 - A premium charge of a quantity equivalent to the minimum policy Basic Premium Rate shall be made for issuance of each Mortgagee Title Policy Binder on Interim Construction Loan. Such Binder will be issued for a regard to one year. The initial Binder may be extended for 6 (6) extra consecutive periods of six (6) months each, not to surpass thirty-six (36) months. A premium of $25.00 will be charged for each consecutive 6 (6) month extension. 2. Upon subsequent issuance of: 1. a Mortgagee Policy on a loan to fully take up, renew, extend or satisfy a lien already covered by a Mortgagee Title Policy on Interim Construction Loan, or. 2. an Owner's Policy on the sale of a residential or commercial property which is encumbered by a lien covered by a Mortgagee Title Policy Binder on Interim Construction Loan and which lien against the communicated residential or commercial property is released prior to or synchronised with the sale, the premium for the new policy shall be at the basic rate, however a credit for the premium spent for the Binder will be allowed to the purchaser of the Owner's Policy as follows: Half (50%) of the premium paid for the Binder (unique of extensions), if the subsequent policy is issued within one (1) year from the date of the original Binder.

Where more than one Policy may be released on a portion of the residential or commercial property covered by the Binder, just one credit will be enabled, being on the very first Policy released.

This Rule will not use to any Binder provided prior to March 1, 1989, in which case no credit is allowed.

Notwithstanding the provision in Rate Rule R-1, it shall be permissible to integrate this guideline with Rate Rule R-5 in the computation of the premium for a Policy. In no occasion shall the premium gathered be less than the routine minimum promulgated rate for a Mortgagee Policy.

The fifty percent (50%) credit shall not use if the Binder covers real residential or commercial property which is being improved for improvements aside from one to four domestic units.

Title Manual Main Index|Section III Index

R-14. Foreclosed Properties

When the owner of the residential or commercial property has gotten exact same directly through foreclosure under a mortgage guaranteed by a Mortgagee Policy, or the Secretary of Housing and Urban Development or the Administrator of Veteran's Affairs, or as their names might be altered from time to time, has actually acquired stated residential or commercial property be reason of its guarantee or endorsement of a mortgage insured by a Mortgagee Policy, and is offering exact same, an Owner Policy may be issued on stated sale, or a Mortgagee Policy may be provided on a lien being retained in the deed communicating said residential or commercial property. If just an Owner Policy is issued, the charge for that reason will be at the Basic Rate on the full quantity of the consideration of stated sale. If only a Mortgagee policy is provided, the Basic Rate on the complete amount of the lien shall be charged. In either case, the credit of $15.00 on the entire deal shall be allowed. In case an Owner Policy and a Mortgagee Policy are provided at the same time on a transaction as supplied in Rule R-5, the synchronised problem rate, along with the credit allowed by this rule, will apply. The $15.00 credit permitted by this rule will not use till the providing Company is furnished the following:

1. At the time the policy or policies are bought, the seller will transfer to the Company, for its assessment and use, such proof as is available in the seller's files, consisting of the Mortgagee Policy covering the lien foreclosed, revealing title vested in such seller. This title proof must be maintained in the files of the Company for future recommendation in case a claim occurs under the indemnity contract stated in "b" hereof.
legalsearch.co.nz

Effective November 1, 2024 (Order 2024-8851) 
 R-6. Subsequent Issuance of Mortgagee Policy 
 1. Subsequent to Owner Policy - When a Mortgagee Policy( ies) is requested, subsequent to the issuance of an Owner Policy which excepted to the [Vendor's](https://horizonstays.co.uk) Lien, the premium will be one-half the Basic Rate. The lien to be guaranteed need to be as originally created, and excepted to in the Owner Policy, and not an [extension](https://10homes.co.uk) or rearrangement thereof. Such Mortgagee Policy( ies) will be provided in the amount of the current overdue balance of stated insolvency. The Company will be furnished such proof as it may need validating such unpaid balance, that the indebtedness is not in default which there has actually been no velocity of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies provided by factor of notes being allocated to individual units in connection with a master policy covering the aggregate indebtedness, consisting of improvements. Individual Mortgagee Policies need to be released at the Basic Rates. 
 2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is requested, for any reason whatsoever, on a lien currently covered by an existing Mortgagee Policy( ies), however not on a renewal or extension thereof, the new policy being in the quantity of the existing overdue balance of the indebtedness, the premium for the new policy shall be at the Basic Rate, however a credit for three-tenths (3/10) of said premium may be allowed.
3. Subsequent to Mortgagee Policy - When an insolvent insurer is placed in permanent receivership by a court of proficient jurisdiction and a Mortgagee Policy( ies) is asked for on a lien currently covered by an existing Mortgagee Policy( ies) of stated insolvent insurer, however not on a loan to take up, restore, extend or satisfy an existing lien, the new policy remaining in the amount of the present overdue balance of the indebtedness, the premium for the brand-new policy will be at the fundamental rate, but a credit for half of said premium will be allowed, unless such credit would lower the premium to less than the minimum Basic Rate, in which case the rate shall be the minimum Basic Rate. The insured shall give up the existing Mortgagee Policy( ies) to the Company when placing the order for a new Mortgagee Policy( ies). The date of Policy for the new policy( ies) shall be the same Date of Policy as the existing Mortgagee Policy( ies). 
 R-7. Mortgagee Policies Covering First and Subordinate Liens Issued Simultaneously 
 When a Mortgagee Policy is issued on a First Lien, and other policy( ies) is issued on Subordinate Lien( s), developed in the same deal, covering the same land or a portion thereof, the premium for the First Lien policy shall be computed on the total of the combined liens; the premium for each Subordinate Lien policy will be $5.00. 
 R-8. Loan Policy on a Loan to Take Up, Renew, Extend or Satisfy an Existing Lien( s) 
 When a Loan Policy is issued on a loan that fully takes up, renews, extends, or pleases several existing liens that are currently guaranteed by several existing Loan Policies, the new Loan Policy must be in the amount of the note of the brand-new loan. The premium for the new Loan Policy is minimized by a credit. The credit is calculated as follows: 
 1. Calculate the Basic Premium on the written payoff balance of the existing loan or the original amount of that loan, whichever is less; and
2. Multiply by the percentage listed below for the time from the existing Loan Policy date to the brand-new Loan Policy date: 1. 50% when four years or less;
2. 25% when more than four years but less than 8 years; or 
 The premium for the new Loan Policy is the Basic Premium less the credit; but not less than the minimum Basic Premium. 
 The credit does not use if any residential or commercial property not [covered](https://www.aber.ae) in the existing Loan Policy( ies) is included in the brand-new Loan Policy. 
 When the existing Loan Policy( ies) included more than one chain of title, and the [brand-new Loan](https://acebrisk.com) Policy also includes one or more of the [original chains](https://laculracilor.ro) of title, the minimum Basic Premium should be charged for each extra chain of title. (See Rate Rule R-9 for the [meaning](https://jghills.com) of "extra chain.") 
 When two or more brand-new Loan Policies are issued on numerous loans to completely use up, renew, extend, or satisfy an existing lien insured by a single Loan Policy, the premium for each brand-new Loan Policy, is the Basic Premium. The credit computed above must be applied to the premium for the biggest Loan Policy. A credit should be given even if not all of the brand-new loans are insured or if only among the new loans is guaranteed. 
 THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Loan Policies released by factor of notes being assigned to specific units in connection with a master policy covering the aggregate indebtedness, consisting of enhancements. Except as otherwise offered in this rule, individual Loan Policies must be issued at the Basic Rate. 
 R-9. Additional Chains of Title 
 In case more than one chain of title is involved in the issuance (consisting of determination of insurability of access) of any policy, the Company will charge the minimum policy Basic Premium Rate for each extra chain. For purpose of using this guideline, contiguous tracts in one county shall be dealt with as one chain, provided record title to the land and record title to the gain access to is vested in one owner at the time application is made. Each noncontiguous parcel having a different chain shall be dealt with as a separate chain, except where 2 or more lots in the exact same platted neighborhood, and having the same plat recording date, come from the same owner, then such will be dealt with as one chain. If the [parcels lie](https://hauntley.com) in more than one county, there are different chains of title in each county. No extra chain charge may be produced decision of insurability of access to land situated within a neighborhood, provided: (i) the neighborhood lies in only one county, and (ii) the plat of the neighborhood has actually been lawfully authorized by a licensed governmental entity, is duly taped, and the roadways revealed thereon have been committed for public use or for using the owners of lots found in the neighborhood. 
 R-10. Owner's Policies - City Subdivision, Acreage Subdivisions, Industrial Tracts 
 Rate Rule R-10 is rescinded, effective September 1, 2013, due to obsolescence. 
 Effective January 3, 2014 (Order 2806) 
 R-11. Loan Policy Endorsements 
 Applicable only as supplied in Procedural Rule P-9. 
 Assignment of Mortgage Endorsement (Form T-3, Endorsement Instruction III): If released within twelve months after the date of the policy, the premium is the minimum Basic Premium Rate.
If released more than twelve months after the date of the policy, the premium is the minimum Basic Premium Rate plus $100.00 for each extra complete or [partial twelve-month](https://hvm-properties.com) period.
However, the optimal premium collected should not be more than 50% of the premium for the loan policy quantity based on the existing Schedule of Basic Premium Rates
If issued within twelve months after the date of the policy, the premium is the minimum Basic Premium Rate.
If provided more than twelve months after the date of the policy, the premium is the minimum Basic Premium Rate plus $25.00 for each additional full or partial twelve-month duration.
However, the maximum premium collected should not be more than 50% of the premium for the loan policy quantity based upon the current Schedule of Basic Premium Rates.
If the land in the policy is Residential Real Residential or commercial property, the premium is $50.00.
If the land in the policy is not Residential Real Residential or commercial property, the premium is $100.00.
The premium for the Variable Rate Mortgage Endorsement (Form T-33) is $20.00.
The premium for the Variable Rate Mortgage-Negative Amortization Endorsement (Form T-33.1) is: $20.00; or
$ 0.00 if an additional premium is charged for the Loan Policy because of an increased policy quantity.
The premium for the Manufactured Housing Endorsement (Form T-31) is $20.00.
The premium for the Supplemental Coverage Manufactured Housing Unit Endorsement (Form T-31.1) is $50.00.
When provided at the time the policy is issued, the premium is 25.00.
When released after the date of the policy, the premium is $50.00.
The premium is $25.00.
However, when multiple Planned Unit Development Endorsements (Form T-17) are provided at the same time on several Loan Policies covering the same land, the premium for the very first endorsement is $25.00 and the premium for additional recommendations is $0.00.
Title Manual Main Index|Section III Index 
 R-12. Commitment for Title Insurance 
 Applicable only as provided in Rule P-18 - The Commitment for Title Insurance will bear no premium in addition to the premium chargeable for the policy or policies issued pursuant thereto, other than that this Rule R-12 shall not apply to any commitment for title insurance provided pursuant to Rate Rule R-23, or Rate Rule R-25. 
 R-13. Mortgagee Title Policy Binder on Interim Construction Loan 
 1. Applicable only as supplied in Rule P-16 - A premium charge of a quantity equivalent to the minimum policy Basic Premium Rate shall be made for issuance of each Mortgagee Title Policy Binder on Interim Construction Loan. Such Binder will be issued for a regard to one year. The initial Binder may be extended for 6 (6) extra consecutive periods of six (6) months each, not to surpass thirty-six (36) months. A premium of $25.00 will be charged for each consecutive 6 (6) month extension.
2. Upon subsequent issuance of: 1. a Mortgagee Policy on a loan to fully take up, renew, extend or satisfy a lien already covered by a Mortgagee Title Policy on Interim Construction Loan, or.
2. an Owner's Policy on the sale of a residential or commercial property which is encumbered by a lien covered by a Mortgagee Title Policy Binder on Interim Construction Loan and which lien against the communicated residential or commercial property is released prior to or synchronised with the sale, the premium for the new policy shall be at the basic rate, however a credit for the premium spent for the Binder will be allowed to the purchaser of the Owner's Policy as follows: Half (50%) of the premium paid for the Binder (unique of extensions), if the subsequent policy is issued within one (1) year from the date of the original Binder. 
 Where more than one Policy may be released on a portion of the residential or commercial property covered by the Binder, just one credit will be enabled, being on the very first Policy released. 
 This Rule will not use to any Binder provided prior to March 1, 1989, in which case no credit is allowed. 
 Notwithstanding the provision in Rate Rule R-1, it shall be permissible to integrate this guideline with Rate Rule R-5 in the computation of the premium for a Policy. In no occasion shall the premium gathered be less than the routine minimum promulgated rate for a Mortgagee Policy. 
 The fifty percent (50%) credit shall not use if the Binder covers real residential or commercial property which is being improved for improvements aside from one to four domestic units. 
 Title Manual Main Index|Section III Index 
 R-14. Foreclosed Properties 
 When the owner of the residential or [commercial property](https://yes.wedding) has gotten exact same directly through foreclosure under a mortgage guaranteed by a Mortgagee Policy, or the Secretary of Housing and Urban Development or the Administrator of Veteran's Affairs, or as their names might be altered from time to time, has actually acquired stated residential or commercial property be reason of its guarantee or endorsement of a mortgage insured by a Mortgagee Policy, and is [offering exact](https://venusapartments.eu) same, an Owner Policy may be issued on stated sale, or a Mortgagee Policy may be provided on a lien being retained in the deed communicating said residential or commercial property. If just an Owner Policy is issued, the charge for that reason will be at the Basic Rate on the full quantity of the consideration of stated sale. If only a Mortgagee policy is provided, the Basic Rate on the complete amount of the lien shall be charged. In either case, the credit of $15.00 on the entire deal shall be [allowed](https://deshvdesh.com). In case an Owner Policy and a Mortgagee Policy are provided at the same time on a transaction as supplied in Rule R-5, the synchronised problem rate, along with the credit allowed by this rule, will apply. The $15.00 credit permitted by this rule will not use till the providing Company is furnished the following: 
 1. At the time the policy or policies are bought, the seller will transfer to the Company, for its assessment and use, such proof as is available in the seller's files, consisting of the Mortgagee Policy covering the lien foreclosed, revealing title vested in such seller. This title proof must be maintained in the files of the Company for future recommendation in case a claim occurs under the indemnity contract stated in "b" hereof. [legalsearch.co.nz](http://www.legalsearch.co.nz/)