Frequently Asked Questions About Title And Escrow

How does title insurance differ from other types of insurance ?

Title insurance is different from other types of insurance in that it protects you from a loss that may occur from matters or faults in the past. Also, with title insurance the insured pays a one-time premium instead of ongoing premiums as with other types of insurance.

Why should I select Puget Sound Title Company ?

Being independent and locally owned, Puget Sound Title Company has an advantage that other title companies can't offer, personal service. We know Pierce county, our staff is cross trained in almost every aspect of the title and escrow process. This allows us to provide unsurpassed services to our customers.

Puget Sound Title Company has three very strong underwriters which gives you three times the security.

Stewart Title Guaranty Company is rated "A Double Prime" company in claims paying ability and is rated highest among all 100 title insurers as rated by Demotech, Inc.

Pacific Northwest Title Insurance Company is a regional underwriter with a strong local presence and is very familiar with local issues.

Old Republic National Title Insurance Company has received the Standard and Poor's highest rating of AA for the 11th consecutive year.

Why do I need title insurance ?

You need title insurance because any home no matter how new is built on land as old as the earth itself. This land has had many previous owners. Claims against any one of these owners can be filed against the property and against you as the present owner. Title insurance protects you against claims and title faults and will protect your ownership against loss.

What are your Title Insurance Rates?

Our Title Insurance rate schedule can be downloaded here.

For Policies Issued over $900,000 please see the following descriptions below.

  •  Homeowner's Rate

    • The charge for a standard coverage owner's/purchaser's policy to insure the buyer on a sale of a one to four family residential structure shall be 70% of the General Schedule Rate, provided, a copy of the then Purchase and Sale Agreement (Earnest Money Agreement) is submitted prior to the consummation of title insurance for such sale.

    • If an owner's/purchaser's policy extended coverage is involved, the charge shall then be 110% of the General Schedule Rate.

  • General Schedule can be downloaded here

  • Simultaneous Issue Rates can be downloaded here

  • Builder's Rate

    • The Builder's rate is available to an insured owner who builds residential unit(s) for lease or resale.

    • The charge for an extended coverage mortgagee's policy to insure a construction loan will be 37% of the general schedule rate with a minimum of $100.00.

    • The charge for an owner's standard coverage issued to a buyer of the constructed residential unit(s) will be 29% of the general schedule rate and 59% of the general schedule rate for an owner's extended coverage with a minimum of $100.00

  • Sub divider's Rate

    • The Sub dividers Rate is available to an insured developer or sub divider of a specific project of land within a single subdivision or governmental section or adjoining subdivisions or governmental sections which have been divided or are to be divided into four (4) or more separate lots or building sites.

    • The rate for insurance to the original purchaser from the developer or sub divider shall be 37% of the General Schedule Rate with a minimum of $100.00. For mortgage insurance covering mortgages placed thereon by the developer or sub divider the rate shall be 37% of the General Schedule Rate with a minimum of $100.00.

    • NOTE:

      1. Paragraph "A" under Section 18 entitled "Simultaneous Issues" of this schedule is not applicable to any of the policy charges in this section.

      2. The sub divider's Rate shall not be applicable to construction loan mortgage insurance, where Builders Rate as provided in Section 15, is applicable.

      3. The additional charge for extended coverage policies as set forth in Section 13, "Special Risks", Paragraph D of the Schedule, shall not be applicable for the mortgage insurance referred to above.

What are your rates for your individual underwriters?

  1. Puget Sound Title's rates for Pacific Northwest Title can be found here.
  2. Puget Sound Title's Rates for Stewart Title can be found here.
  3. Puget Sound Title's Rates for Old Republic can be found here.

How long does my Title Coverage last ?

Title insurance remains in effect for as long as you own your property.

What is Escrow and why is it needed ?

An escrow is an arrangement in which a disinterested or neutral third party, holds legal documents and funds on behalf of the buyer and seller, and distributes the funds according to the buyer's and seller's instructions.

What are your escrow rates ?

Our escrow rate sheet can be found here.


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