The title insurance policy or policies are issued at the time of closing. There is a one-time premium payable at the closing by the buyer. The lender will require the buyer to pay for the lender’s coverage. If an owner policy is issued at the same time as the lender policy, there will be a simultaneous issue discount given for the owner policy. If the buyer decides to purchase the owner policy at a later date, there will be no discount and there will be an additional cost because of the need to reexamine the land records to determine if there are any new encumbrances to the title.

Title insurance is not a reoccurring expense like other forms of insurance. The premium is paid once and will remain in effect thereafter without additional premiums to pay.

The cost of title insurance is based on a schedule approved by the State of Vermont. The premium for the mortgage policy will be based on the amount of the mortgage. The premium for the owner policy will be based on the market value of the property to be insured. To obtain a premium quote for your transaction, please contact the Law Offices of Fred V. Peet, P.C. or visit Vermont Attorney’s Title Corporation’s Title Insurance Calculator