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Abstract ?

Every abstract continuation is different and there is no flat fee. The fees chargeable are set by statute, NDCC 43-01-18, as follows:
Certificate $100.00
Entry (per entry) $ 10.00
Names (each) $ 5.00
More than 1 quarter or block $ 10.00 for each add’l parcel

1 to 3 weeks. If longer, notification of the time period will be made and agreed upon.

No, we do not keep abstracts or copies of abstracts.

 

Title Insurance?

An abstract is a compilation of all the instruments affecting a parcel of land indexed in the County Recorder’s Office, along with a certification of searches for judgments, taxes and other liens that may affect the land. Something of a history of the recorded title to the property.

An owner’s policy of title insurance is an insurance policy that protects you against loss that could result from defects in the title of the property you are buying. The premium is paid only once and is good until the property’s ownership changes. Unlike most types of insurance which protect policyholders from future events, title insurance protects you against defects that could already exist.

Title insurance for property owners, called an Owner’s Policy, is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and is valid for as long as the owner or his heirs have an interest in the property. Only an Owner’s Policy fully protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include:

  • Errors or omissions in deeds
  • Mistakes in examining records
  • Forgery
  • Undisclosed heirs

Title insurance for mortgage lenders title insurance is called a Loan Policy. Most lenders require a Loan Policy when they issue a mortgage loan. The Loan Policy is usually based on the dollar amount of the loan and it protects the lender’s interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off.

You can use our Underwriters' Rate Calculators to determine the cost of Title Insurance based on the specifics of your transaction:

Stewart:  http://www.stewarttitle.com/en/stg/north-dakota/calculate-rates/title-premium-rates.html
Commonwealth: http://ratecalculator.fnf.com/?state=ND

For further information about title insurance premiums and other fees, please contact one of our title officers.

The owner’s policy is provided you at or shortly after closing. A copy is maintained by the company and can be provided at a nominal charge.

 

Closing?

Payment of fees is a negotiable issue between the parties that is agreed upon in the purchase/sale agreement. Our fees for closing related services are as follows:
Closing Fee (base fee Burleigh/Morton County $225.00
Closing Fee (base fee out of County) $300.00
Closing Fee (Manufactured Home Burleigh/Morton) $300.00
Closing Fee (Manufactured Home out of County) $350.00
Courier Fees for packages $ 30.00
Wire Fee $ 30.00
Courier Fees for packages $ 30.00
E-Document Fee $ 25.00
Search Fee (includes closing/final search) $225.00
Title Commitment Fee (Non Burleigh/Morton County) $ 50.00
Closing / Final Search Fee $ 50.00
Location Report (Burleigh/Morton County minimum) $100.00
Location Report (Out of County minimum) $175.00
Document Preparation $ 50.00
E-recording Fee $ 5.00/doc
All fees are subject to change.

Your order can be closed in as fast as two days for cash transactions and five days for residential loan transactions on Bismarck/Mandan, Burleigh/Morton properties, subject to availability of prior title policy and condition of title.

Your lender often requests the closing at their office, but some loan closings are held at Bismarck Title Company. Cash closings are normally held at the offices of Bismarck Title Company.

After you have a signed purchase/sale contract, deliver to Bismarck Title Company, along with your abstract and/or title insurance policy. An order for title and closing will be opened and we will start the process toward closing.

 

Other?

A title opinion is an opinion given by an Attorney licensed to practice law in the State of North Dakota, based upon the Attorney’s examination of an abstract to title to real property. It is the Attorney’s opinion as to ownership of the real property and other matters that affect the real property.

Attorney’s title opinions are required in the State of North Dakota to issue title insurance policies. Also, if no title insurance is being issued and the seller is providing an abstract of title as proof of marketable title, the title opinion is required to determine ownership and other matters that need to be addressed to close the real estate transaction.