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Title
Insurance Premium
Fee paid by an individual to insure he has a marketable title or-in the
case of a lender-to insure their lien position. |
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Real
Estate Commission
Fee paid to a real estate broker for services rendered in listing, showing,
selling and consummating the transfer of property. |
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Transfer
and Assumption Charges
Fees charged by a lender to allow a new purchaser to assume an existing
loan. |
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Recording
Fees
Fees assessed by a county recorder's office for recording the document
of a real estate transaction. |
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Loan
Fees
Fees charged by a lender in connection with the processing of a new loan.
These may include points, origination fee and credit report. |
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Escrow
Fees
Fees charged by a title and/or escrow company for services rendered in
preparing documents necessary in the consummation of a real estate transaction. |
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Additional
Settlement
Taxes, insurance impounds and interest prorations, termite inspection
fees, tax prorations. |
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Title
or escrow company personnel will review and explain your closing statement
when you prepare to close your transaction and take ownership of your
new home. |
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5
year short term rate (20% savings in title fees) applies to any property
which has had a title insurance policy issued in the past five years. |
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Planning
to resell within 2 years? Pay an additional 10% of the title fee at
escrow's close. Sell within 2 years and 100% of the original fee will
be credited. The complete title fee cost? Just the 10% of the original
title fee. This is an attractive plan for investors and relocation
prospects. Refinance rate is 70% of base rate. (Short term rate does
not apply). |
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It's
the big day. You go to the title company, sign your name on the dotted
line hand over a check and prepare to take ownership of your new home.
It's also the day that you and the seller will pay "closing" or settlement
costs on an accumulation of separate charges paid to different entities
for the professional services associated with the buying and selling
of real property. |