Closing fees

[jghall00]

So, I'm selling my condo, and I received the closing documentation today. I had a question about a couple of the fees on the documentation.

Title Insurance fee: This fee is quite hefty, nearing $800 for an 80,000 property, and I'm wondering if it has been marked up beyond reason.

Escrow Fee: This was described as the title company's payment, and it's split between the buyer and myself. Should it be?

Anyone with any experience in these matters, please weigh in.

[Trophy Property]

So, I'm selling my condo, and I received the closing documentation today. I had a question about a couple of the fees on the documentation.

Title Insurance fee: This fee is quite hefty, nearing $800 for an 80,000 property, and I'm wondering if it has been marked up beyond reason.

Escrow Fee: This was described as the title company's payment, and it's split between the buyer and myself. Should it be?

Anyone with any experience in these matters, please weigh in.

Title insurance is regulated and cost about 1%. So that charge is right on. Not sure about the escrow fee- That is probably legal fees which are usually split (is this about $75 per party?). If you are paying a 6% commission your total closing cost should range between 7.5% and 8%. if you are paying less in fees then this will obviously drop. Good luck.

Edited July 6, 2006 by Trophy Property

[jghall00]

So, I'm selling my condo, and I received the closing documentation today. I had a question about a couple of the fees on the documentation.

Title Insurance fee: This fee is quite hefty, nearing $800 for an 80,000 property, and I'm wondering if it has been marked up beyond reason.

Escrow Fee: This was described as the title company's payment, and it's split between the buyer and myself. Should it be?

Anyone with any experience in these matters, please weigh in.

I found the rate schedule at http://www.centralandtitle.com/titleinsurence_rates.html. Is title insurance generally provided to the buyer?

[Trophy Property]

I found the rate schedule at http://www.centralandtitle.com/titleinsurence_rates.html. Is title insurance generally provided to the buyer?

Yes, the seller almost always pay for the title policy. Of course this can be negotiated, but I doubt in this instance the buyer would be willing to pay the $800 fee.

[jghall00]

Title insurance is regulated and cost about 1%. So that charge is right on. Not sure about the escrow fee- That is probably legal fees which are split (is this about $75 per party?). If you are paying a 6% commission your total closing cost should range between 7.5% and 8%. if you are paying less in fees then this will obviously drop. Good luck.

Thanks for the snappy response. Mine comes in around 8%, I'm guessing due to the extra condo fees. I feel better, I was worried I might be paying something unnecessarily.

[Trophy Property]

Thanks for the snappy response. Mine comes in around 8%, I'm guessing due to the extra condo fees. I feel better, I was worried I might be paying something unnecessarily.

Happy to help. there are many agents on this board who might offer some more incite. I think you are right on.

[rps324]

The escrow fee is normal. Usually about $200 on each side. The cost for the title insurance is technically negotiable, but standard practice is the seller pays for that. You will have a charge of $1 for the state of Texas Policy Guaranty fee or something like that. I would also expect small fees for the tax certificate, about $50. A messenger fee, a recording fee, & maybe even a small fee for copies. Less than $50 each.

Then of course the proration of taxes for the portion of 2006 that you owned the property will also be credited to the buyer from your proceeds.