mielpowell
New Member
- Joined
- Jul 31, 2008
- Messages
- 1
Hello,
I need assistance with creating a Real Estate Title Insurance Premium Formula. Here are the requirements.
Title Insurance =
5.75 for each $1,000 up to $100,000
5.00 for each $1,000 over $100,000 and up to $5 million
2.25 for each $1,000 over $5 million and up to $10 million
2.00 for each $1,000 over $10 million
and add + $225 dollars to the total
FOR EXAMPLE, if a property costs $11 million dollars:
Up to $100,000 5.75 per thousand = ($100,000/$1,00)x 5.75 = $575
Over $100,000 & up to $1 million at 5.00 per $1,000 = ($900,000/$1,000)x 5.00 = $4,500
Over $1 million & up to $5 million at 2.50 per $1,000 = ($4,000,000/$1,000) x 2.50 = $10,000
Over $5 million & up to $10 million at 2.25 per $1,000 = ($5,000,000/$1,000) x 2.25 = $11,250
Over $10 million at 2.00 per $1,000 = ($10,000,000/$1,000) 2.00 = $2,000
Plus $225
$575 + $4,500 + $10,000 + $11,250 + $2,000 + $225= $28,550 total title insurance
I need this to work for $100,000 property or a $10,000,000 property.
I'm sure there would be some "if/then" statements involved in the formula, but beyond that, I'm not sure. Any help with this formula would be greatly appreciated. Thank you so much for helping!
I need assistance with creating a Real Estate Title Insurance Premium Formula. Here are the requirements.
Title Insurance =
5.75 for each $1,000 up to $100,000
5.00 for each $1,000 over $100,000 and up to $5 million
2.25 for each $1,000 over $5 million and up to $10 million
2.00 for each $1,000 over $10 million
and add + $225 dollars to the total
FOR EXAMPLE, if a property costs $11 million dollars:
Up to $100,000 5.75 per thousand = ($100,000/$1,00)x 5.75 = $575
Over $100,000 & up to $1 million at 5.00 per $1,000 = ($900,000/$1,000)x 5.00 = $4,500
Over $1 million & up to $5 million at 2.50 per $1,000 = ($4,000,000/$1,000) x 2.50 = $10,000
Over $5 million & up to $10 million at 2.25 per $1,000 = ($5,000,000/$1,000) x 2.25 = $11,250
Over $10 million at 2.00 per $1,000 = ($10,000,000/$1,000) 2.00 = $2,000
Plus $225
$575 + $4,500 + $10,000 + $11,250 + $2,000 + $225= $28,550 total title insurance
I need this to work for $100,000 property or a $10,000,000 property.
I'm sure there would be some "if/then" statements involved in the formula, but beyond that, I'm not sure. Any help with this formula would be greatly appreciated. Thank you so much for helping!
