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Purchasing a Binder Can Help to Insure Savings on Title Cost

The buyer of a property who anticipates reselling it within 3-4 years can save a significant amount in title charges by purchasing a binder. A binder is a temporary contract in which the title company agrees to issue a specified policy within a certain period of time. The binder must be requested before the property being purchased closes escrow. The fee for a three-year binder is 10% of the basic rate for a full title policy. This is in addition to the applicable fee for an Owner’s Policy (usually paid by the seller). The use of a binder in your transaction can result in a significant savings when the property is resold.

Example: $1,000,000.00 – Initial Sales Price

Buyer plans to sell within three years for $1,200,000.00

In this case, the basic rate is $2,126.00. The binder fee is an additional $212.60, or 10% of the basic rate. The buyer sells the property two years later for $1,200,000.00. The basic rate for a ALTA Homeowners Title Policy at that price would be $2,559.00. The buyer now pays the difference between the two basic rates, i.e., $2,559.00 – $2,126.00 = $433.00.

 

With Binder

Initial Binder Fee              $212.60

Paid at Time of Resale     $433.00

Total Binder Fees              $645.60

 

Without Binder

ALTA Homeowners Policy Rate  $2,559.00

(Amount that would be paid for a policy with no available binder credit)

 

Total Savings

ALTA Homeowners Policy Rate  $2,559.00

Total Binder Fees              – $645.60

Total Savings      $1,913.40

 

3-Year Binder

Prior to the expiration of the three-year period, a binder may be extended for a fourth year for an additional 10% of the base rate.

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