Documents -Lien -Title Fees?

[kiki02]

Anyone on who sold a home or condo in Florida? Shocked at the fees from the title company (going to state I guess). Seems like ours will be $5k JUST IN title search, lien search FEES!!!!

 

[akcire]

Anyone on who sold a home or condo in Florida? Shocked at the fees from the title company (going to state I guess). Seems like ours will be $5k JUST IN title search, lien search FEES!!!!

Title companies pay commissions to lawyers. So that lawyer you hired to do your closing for $500, and you thought was reasonable is probably making a couple grand more from the title company. The greater the value of the house, the greater the cost of the policy, and the larger the commission.

They also are basically charging the seller and the buyer for the identical product.

 

[stauncie]

Title companies pay commissions to lawyers. So that lawyer you hired to do your closing for $500, and you thought was reasonable is probably making a couple grand more from the title company. The greater the value of the house, the greater the cost of the policy, and the larger the commission.

They also are basically charging the seller and the buyer for the identical product.

That statement is 100% INCORRECT (I guess there are 'bad apples' anywhere, but wow, judging a whole industry.....just wow)

Title insurance is just that, insurance. Naturally, the more expensive the property, the more expensive the cost. Other cost factors also include: how long the property has been in possession of the current owner, any legal activities occurring, (wills, deaths, divorces that involve ownership of property, liens, etc)

You can always shop around for a reputable title insurance company. They do exist.

 

[akcire]

That statement is 100% INCORRECT (I guess there are 'bad apples' anywhere, but wow, judging a whole industry.....just wow)

Title insurance is just that, insurance. Naturally, the more expensive the property, the more expensive the cost. Other cost factors also include: how long the property has been in possession of the current owner, any legal activities occurring, (wills, deaths, divorces that involve ownership of property, liens, etc)

You can always shop around for a reputable title insurance company. They do exist.

Not incorrect, how do you think a lawyer could do a real estate closing including document preparation, paying staff, attending closings, not to mention paying for office space on the flat fee they charge to do closings? If they bill out at $300 an hour for regular work and do a real estate deal including attending the closing putting in a few hours of labor for $500, do you think they are poor business people?

title agent=lawyer; most lawyers are registered with multiple title insurance companies, title insurance companies pay commissions

see local Florida article for more info.....there were more I picked the first

http://www.palmbeachpost.com/news/b...ve-are-title-fees-fair-florida-costs-1/nLhpq/

Also I see you are in IL; IL is one of the worst states with regard to title insurance; it is a completely unregulated state.

 

[kiki02]

Not incorrect, how do you think a lawyer could do a real estate closing including document preparation, paying staff, attending closings, not to mention paying for office space on the flat fee they charge to do closings? If they bill out at $300 an hour for regular work and do a real estate deal including attending the closing putting in a few hours of labor for $500, do you think they are poor business people?

title agent=lawyer; most lawyers are registered with multiple title insurance companies, title insurance companies pay commissions

see local Florida article for more info.....there were more I picked the first

http://www.palmbeachpost.com/news/b...ve-are-title-fees-fair-florida-costs-1/nLhpq/

Also I see you are in IL; IL is one of the worst states with regard to title insurance; it is a completely unregulated state.

NOPE, NO LAWYER fees. State of florida does not require lawyer to close, and thus the entire amount i posted is basically going to the title company, and state of Florida, i guess!

 

[Claire&TheBoys]

I used to work for one of the largest independent title companies in Florida.

First, attorneys use title companies to do their searches; title companies do not use attorneys. We had our own "title plant" with trained researchers and examiners that did our own searches. Attorneys would contract with us to do theirs.

Second, title insurance rates are set by the State of Florida. You can't get a better deal on the title insurance (owner's policy) by shopping around. Lenders' policies were a flat $25 when issued jointly with an owner's policy. (If you didn't get an owner's policy, the lender's policy was full price.) Also, the costs to record the documents are set by the State, as well, it's a certain amount per thousand dollars of the mortgage. The only negotiable items were the closing fee, search and exam fees. (At the company where I worked, those totaled $240: $100 closing fee, $100 search fee, $40 exam fee, but that was several years ago.) Also, fees for overnighting pay-offs to the mortgage company, or wire transfer fees were passed along to the customers.

Some of the other closing fees collected are the pro-rated taxes for the year, the insurance due for the first year and other fees as stipulated by your mortgage docs. You can ask to see a HUD statement prior to closing so you know what fees you are paying.

 

[kiki02]

I used to work for one of the largest independent title companies in Florida.

First, attorneys use title companies to do their searches; title companies do not use attorneys. We had our own "title plant" with trained researchers and examiners that did our own searches. Attorneys would contract with us to do theirs.

Second, title insurance rates are set by the State of Florida. You can't get a better deal on the title insurance (owner's policy) by shopping around. Lenders' policies were a flat $25 when issued jointly with an owner's policy. (If you didn't get an owner's policy, the lender's policy was full price.) Also, the costs to record the documents are set by the State, as well, it's a certain amount per thousand dollars of the mortgage. The only negotiable items were the closing fee, search and exam fees. (At the company where I worked, those totaled $240: $100 closing fee, $100 search fee, $40 exam fee, but that was several years ago.) Also, fees for overnighting pay-offs to the mortgage company, or wire transfer fees were passed along to the customers.

Some of the other closing fees collected are the pro-rated taxes for the year, the insurance due for the first year and other fees as stipulated by your mortgage docs. You can ask to see a HUD statement prior to closing so you know what fees you are paying.

O i know! none of the above fees include anything except as stated... No taxes and nothing of my 'own' bills. Have had a few homes now .. but NOT in Florida. Shocked at the fee above as other states were half the cost of this. HALF.