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Question :
What does it take to open a title agency in New Jersey as far as the money and details involved?
Category Title Insurance Interview Questions
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Added on 3/13/2008
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Answers:

1. Title insurance producer's license (60 hr school course, state testing & finger-printing and background check +state licensing for 2 years + 24 hrs Continuing Education every licensing period) Approx cost = $1500.00

2. Entity license for the new agency - Registration fee/application fee Approx cost = $400.00

3. E&O Insurance (Errors and Ommissions)Policy of no less than $500,000.00 coverage (some Underwriters and Banks require $1,000,000.00) Cost based on no previous history as a title agent or producer with no claims Approx Cost = $1,200 - $3,500.00

4. Office = Market price for your area

5. Senior Title Examiner = $50,000.00 + Annually

6. General non-licensed office support = market price

7. Title Production Software ie: SnapClose.com $99.00 (Title Geek's software of choice) Other software systems $3000+

8. Utilities including phones, high speed internet access - market price based on usage, # phones used, etc.

9. Office step up & equipment - market price based on initial office design

10. Title insurance Underwriter - no cost but takes several weeks to get approved, and YES, they will check your credit history

11. NJ Registration of your LLC or Corp Approx $250.00

12. Set up Banking - Operations Account, Trust Account, and Underwriter Premium Trust Account = Minimum $100 per account or whatever your bank requires

13. Website = market cost based on your needs and expectation for web usage and advertising Low end = $25 per month +

14. Hard copy marketing (flyers, brochures, etc.) = Approx $200 based on printing and designing yourself - outside service $200+

15. Accountant = market price

16. In house Legal Counsel = market price

17. Sales Rep = Typical start of 25% net premium commission + expenses MUCH higher if Rep has an established book of business

18. Set up vendor accounts for county, municipal and superior court searchers = Typically no cost unless your credit history is poor and then you may need to put up an initial deposit

19. Licensed title closers (NOT just notaries) Typical "witness only" closing out of office = $100-$200 per closing

Additional costs as needed: Title Office Manager $50K+ Annually, Jr. Title Examiner $35-40K+, Branch office licenses, etc.

I have designed, set up and assisted many new start up agencies in New Jersey, my home state.



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