Title Insurance when buying a house
Hey everyone. Another home buying question.
What did you pay for title insurance when buying a house? I have a feeling the lawyer I used for title insurance is way overcharging me. If you prefer to PM me, that would be great. If you could say approx the price range you paid for the house and the cost of the title insurance through which company.
Thanks so much.
Generally, there is a set fee for an attorney in real estate transactions.
In my experience as a Realtor, for a buyer the charge is $1500.
For seller the cost is $2000. This also depends on if there are no issues or problems that arise during the course of the transaction that will require additional contracts or paperwork to rectify.
This may vary from attorney as well but that's been the charges I've seen here in STT by attorneys that my buyers and sellers have used.
The HUD settlement statement should provide the list of all charges incurred by the buyer and seller so you should be able to look at that document to discover the cost of the title insurance and what the charges were for everything for both sides. This document must be provided to the seller and buyer in advance of a closing date and approved by both parties or corrections must be made prior to sitting down at closing table.
Think the title insurance ran around $1000 on my last transaction
but on vacation so don't have my files with me. If I come across it,
on my email list, I'll pm you. I'll pm you amount of transaction.
Thanks Alana. The invoice they gave me was for $1625 just for the title insurance.
It included fees for:
Policy liabilities:owners policy $687
Policy liabilities: Lenders policy $91.23
ALTA 8.1 and ALTA 9 : $200
Title Search(multiple properties): $325
Title Search Update fee(multiple properties): $200
Courier Fee: $50
Administrative services: cadastral maps and delivery: $72.50
It is a VA loan which is why there is the 2nd policy liability to cover the VA funding fee.
Seems outrageous to me.
My last one was a FHA loan.
Will pm you.
Can't say that I have experience with VA loans and the criteria may be different.
The time to ask questions is when you have the HUD in hand.
If there are any questions about any and all charges, that's the time
to ask. If you're not sure what something means or how it's broken down or exactly what it's for.....ask those questions.
Your attorney should be able to provide satisfactory answers or rectify the statement if necessary. Sometimes, mistakes can be made so good to go over with a fine tooth comb.
One of my friend told me about Attorney's title services which handle all of the real estate needs and they also charges less from their customers for Escrow and Closing services .Another option is to take help from experienced professionals for settlements .