Title Fee/Insurance Bill - Help
Hi, We are about to close on a 2BR condo (end of October), purchase price of $590,000 & 30% down. I received the Title bill break down from my attorney with the following fees: Title Charges: Fee: $2,446 Mortgage: $542 Departmentals: $550 Express Delivery: $45 Bankruptcies: $75 Patriot Search: $75 Recording Charges: Deeds: $300 Mortgages:…
Hi,
We are about to close on a 2BR condo (end of October), purchase price of $590,000 & 30% down. I received the Title bill break down from my attorney with the following fees:
Title Charges:
Fee: $2,446
Mortgage: $542
Departmentals: $550
Express Delivery: $45
Bankruptcies: $75
Patriot Search: $75
Recording Charges:
Deeds: $300
Mortgages: $300
Release of Mortgage: $150
POA: $150
Misc. Charges:
Condo Unit POA: $200
NY Mailings: $40
UCC: $180
Can anybody advise as to whether these look reasonable? Wife and I are first time buyers and to be honest it is quite confusing. My attorney told me that the fee includes my title insurance coverage along with the lenders.
I wondered whether I could purchase my own title insurance? Is it worth the hassle to do that?
Any feedback much appreciated 🙂
As always, thanks v. much.
Patriot search to check your name against a list of terrorists.
http://www.newsweek.com/id/53827
“what you must do, in the Ritual Closing Ceremony, is go into a small room and write large checks to total strangers. According to tradition, anybody may ask you for a check, for any amount, and you may not refuse.”
NY Mailings: $40
Reminds me of Bill Murray as a bass player on Mr. Roberts from a national lampoon record – “…they be chargin’ us for stamps … I’ll buy the goddamm stamps! “
Those are about right. You can go to madisontitle.com and under calculators they have a title fee calculator.
Patriot Act- Thanks to your friend GWB all loans applicants have to be scrubbed against the Patriot Search now.
Fulltwist- You have a Coop. Coop’s don’t have title because Coops are not real property but shares in the corporation that owns the building. Coops have drastically lower closing costs than condos and houses.
Unfortunately none of theses fees are “garbage” That said the above are estimates.. you will not have the exact figures until the closing date.
You could probably not have to pay the POA fees unless you or your spouse will not be present and one will be signing on behalf of the other.
What is patriot search? that sounds like a fluff fee to me. Your attourny should help you wade through the fees, and point out which ones are good and which ones are garbage. I’m closing next week, and I didn’t see half these fees on my closing cost statement. But I’m buying a co-op, not a condo.
geez, patriot search. What is that? new to me…but havent done mortgage in awhile.
Who do they search?