Escrow & Title
In South Carolina, title insurance premiums are:
ARegulated by the SC Department of Insurance with filed rates✓ Correct
BSet freely by each title company with no oversight
CProhibited for residential transactions under $500,000
DOnly required for FHA loans
Explanation
South Carolina regulates title insurance through the SC Department of Insurance. Title insurance companies must file their rates, and there is regulatory oversight to protect consumers.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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